What does STP Phase 2 mean for your small business?
STP Phase 2 will require you to simply be filling out your payroll data correctly in your chosen solution. Be sure to use a trusted provider who is ready to roll out compliance updates to their software.
These updates to STP will be made by digital providers on your behalf and they’ll be currently working with the ATO to ensure timely and competent compliance and delivery. You’ll already be filling out this payroll information, so there are no new fields to capture on your end. In this sense and the automated nature of STP, you’ll not be required to do anything further that you’re not already doing under Phase 1.
What it will do is decrease the compliance burden upon your business in terms of reporting. For example, under Phase 2 you’ll no longer be required to submit TFN declaration forms. If you have any queries or concerns over your payroll solution or if you need reassurance, be sure to consult your bookkeeper or accountant.
What do I need to do?
If you’re currently STP compliant with quality software, you should simply be running your payroll as usual. As the date approaches, you’ll see that some current manual reporting requirements will lessen, but your payroll process remains unchanged.
We’ve complied a helpful checklist for Reckon Payroll customers which you can find here >.