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Get ready for Single Touch Payroll (STP) 2.0

10-Nov-2021 17:03 | Tracy Dawson (Administrator)

By Rachael Wade

Phase two of The ATO’s Single Touch Payroll (STP) reporting regime is due to come into effect on 1 January 2022. STP 2.0 is expected to bring the greatest amount of complexity since the regime was introduced in July 2019. Find out more about STP 1.0 here.

STP 2.0 requires employers to provide more detailed payroll information to the ATO than ever before – the Government anticipates that this will reduce the burden of reporting to other Government agencies.

When does STP 2.0 come into effect?

The major accounting software suppliers including Xero and Reckon will contact you regarding their planned software upgrades to deal with STP 2.0.

If your chosen software is ready by 1 January 2022, you will be expected to transition to STP 2.0 by 1 March 2022.  If the ATO has granted your software supplier a deferral – this deferral will automatically apply to all users.  If you’re unsure if your software supplier has been granted a deferral, please contact William Buck.

Employers may apply for individual deferrals from December 2021.

Click here to find out what the key changes are and what you should do next. 

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