ATO Outlines Changes for Single Touch Payroll Phase 2

The Australian Tax Office (ATO) has announced the key changes which are set to be introduced under the Single Touch Payroll Phase 2 regime. This includes the categories of payments that employers will now be required to report. The ATO has outlined that mandatory STP Phase 2 reporting will be commencing from 1st January 2022. […]

Are You Ready for Single Touch Payroll Phase 2?

In December 2020, the ATO announced that it is working towards introducing 1st July 2021 as the start date for STP phase 2. Under these new rules, employers will be required to report additional payroll information on each pay day. Some of the major changes which set to be introduced include; moving away from the […]

The Small Business Ombudsman Calls for FBT To Be Scrapped

The Small Business Ombudsman believes that removing the fringe benefits tax, and enabling GST to be remitted at the point of sale, would potentially make the tax system more small business friendly. A recent research paper published by Australia’s Small Business and Family Enterprise Ombudsman has listed 25 recommendations that aspire to create a tax […]

Single touch payroll

Single Touch Payroll (STP) is an initiative being introduced by the Australian Tax Office (ATO) to provide real time visibility over the accuracy and timeliness of organisations’ payroll processes. STP proposes to streamline the administration of employee payroll, tax and superannuation obligations for employers. What is STP? The ‘Budget Savings (Omnibus) Bill 2016 – Single Touch […]