The mandatory start date for STP Phase 2 reporting has passed and it’s a timely reminder to ensure your business is compliant to avoid any penalties from the ATO.

The mandatory start date for STP Phase 2 reporting has passed and it’s a timely reminder to ensure your business is compliant to avoid any penalties from the ATO. STP Phase 2 doesn’t change the payments you need to report through STP, but it does change how those amounts need to be reported.STP2 information will help streamline employer interactions and reduce the reporting burden for employers who need to report information about their employees to multiple government agencies.

What isn’t changing:

• Employment and taxation conditions
• Disaggregation of gross income amounts
• Child support garnishees/deductions
• Income types and country codes

What isn’t changing:

• The way you lodge
• The due date
• The types of payments that are needed
• Tax and super obligations
• End of year finalisation requirements

What you need to do:

1. Familiarise yourself with STP2 and its requirements‍
2. Look at your current payroll systems in place- some are already compliant
3. Speak to your registered tax or BAS agent

If you need more information or time, please contact the ATO- they are willing to support businesses during this transition: 13 28 66

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SUPERANNUATION CHANGES

On 11 May 2021, as part of the 2021–22 federal Budget, the Australian Government announced it will remove the $450 per month threshold to expand coverage of super guarantee to eligible employees regardless of their monthly pay.

From 1 July 2022, employers will be required to make super guarantee contributions to their eligible employee's super fund regardless of how much the employee is paid. Employees must still satisfy other super guarantee eligibility requirements.

For more information please visit the ATO Super for Employers page.

If you have any questions or concerns and need help, feel free to reach out!

📧 hr@hrdynamics.com.au

📞 (07) 4051 7307 or 0438 735 926

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