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Follow on Google News | Small Business Payroll Danger is Still Under the RadarThe most dramatic change to small business ATO reporting obligations since the introduction of the GST is upon us, but far too many small businesses remain unaware of these impending payroll regulatory changes.
Single Touch Payroll (STP) has been a system of real-time payroll reporting to the ATO for Australian employers since 2018. With exemptions for STP Phase 1 having expired by now most businesses have become accustomed to filing their STP lodgements during payroll. However STP2 is not a linear expansion of what was required in the first phase. The level of payroll data granularity is compounding in this second phase, and the stakeholders who will rely on the reported data go far beyond the ATO alone. Driving the push for the introduction of STP2 are other government agencies who are seeking greater Australian payroll information for their own functions. For example, Services Australia is a key recipient of new STP2 data, along with the ABS and the Child Support Agency. As Axel from Tracy & Associates Accounting (https://tracyassociates.com.au/ While big business have the resources to stay abreast of STP2 and other changes, it is small business who may be left lagging behind if this issue isn't prioritised. Small business employers are being encouraged to keep up to date with notices from their accounting software providers, to use the ATO website to get in-depth details, or proactively engage with their bookkeeper (https://tracyassociates.com.au/) End
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