Single Touch Payroll Phase 2

Changes to Single Touch Payroll

Employers required to report additional payroll information once your payroll software is ready

Additional information to report as part of Single Touch Payroll (STP) Phase 2 will include:

amounts paid to staff — instead of reporting a single gross amount, you’ll separately show items such as overtime, paid leave, and […]

Getting STP Phase 2 reporting right

Single Touch Payroll (STP) Phase 2 reporting started 1 January 2022

So far, more than 200,000 employers have started reporting STP Phase 2 information for over 3 million individuals.

There are some mistakes being made with the move to STP Phase 2 reporting.

We’re sharing the most common errors so employers can avoid making them:

Re-mapping […]

EOFY and the tax time countdown

End of financial year calendar and the countdown to tax time — FY22

A lot of things need to happen between the end of financial year (EOFY) and tax time. Here are the dates and deadlines to keep in mind when getting tax ready.

Key dates in June

30 […]

Single Touch Payroll changes 2022

There have been changes to Single Touch Payroll (STP)

Employers are required to report additional payroll information now or once your payroll product is ready.

You need to start reporting additional information on or before each pay day — this is known as STP Phase 2.

STP Phase 2 started on 1 January 2022

Some […]

2022/23 Federal Budget

1. Personal income tax changes

1.1 Increase to low and middle income tax offset (‘LMITO’)

The Government has announced a once-off $420 ‘cost of living tax offset’ for the 2022 income year, which will be provided in the form of an increase to the existing LMITO. This will increase the maximum LMITO benefit to $1,500 […]

Reviewing business performance

Why just reviewing top-line financial half-yearly performance is no longer enough

In our new business world, annual reporting is becoming redundant because, by the time annual results are consolidated and produced, the data is already obsolete and the market has moved on.

In the changing commercial landscape, delaying indepth business reviews until the end of […]

Your Financial Literacy

Accurate financial reporting

Why good financial reporting is essential and the consequences of missing the mark.

The importance of accurate, ethical financial reporting can’t be underestimated.

Business Australia recently reiterated this fact in their article Accurate Financial Reporting: 12 Must-Dos, highlighting why good financial reporting is critical to your business for a range of […]

Single Touch Payroll (STP) Phase 2 reporting

Learn about what STP Phase 2 means for you

Single Touch Payroll (STP) Phase 2 reporting starts 1 January 2022.

If you employ staff, you’ll need to be ready for this change.

New guidelines that explain the changes are now available to help.

STP Phase 2 reporting means changes to the way you report:

amounts paid […]

Bringing Cash to the Centre

Emerging Cash Management Best Practices

The initial response of many business leaders to COVID-19 was to ensure survival.

Most succeeded and, in the process, reinvented their business to suit the ‘new order’.

Some reduced the range of activities or down-sized in anticipation of better days. Others preserved cash by reducing external spending, cutting dividends, closing temporarily and […]

Taxable payments annual report (TPAR)

It’s not just businesses that pay contractors in the building and construction industry that need to lodge a TPAR

The ATO’s taxable payments reporting system (TPRS) is a black economy measure designed to assist the ATO identify contractors who don’t report or under-report their income.

The ATO estimates that around 280,000 businesses need to lodge […]