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Latest Accounting News
Single Touch Payroll (STP) – Phase 2

 

Single Touch Payroll will be expanded from 1st January 2022, with additional requirements.

 



 


Whilst the Australian Taxation Office are currently working with digital services providers to update their Single Touch Payroll enabled software, there will be additional information to submit.


Some of the key changes include:-


Disaggregation of Gross Income


Separately itemising items of gross income such as, allowances (separated by type), bonuses and commissions, directors’ fees, overtime pay, paid leave (and the type of paid leave), salary sacrifice,


Employment Status


Information such as employee cessation date and reason, employment basis such as casual, full time, part time etc and tax treatment (e.g. as claiming tax-free threshold, Medicare levy exemption and study loans, etc)


Income Type & Country Codes


Details of type of income (i.e. Salary and wages, working holiday, closely held payees, inbound assignees, etc).  Country codes may be required for payments to Australian residents working overseas or a working holiday maker, for example.


Lump sum payments


Lump sum E payments and Lump sum W (i.e. return to work) payments.


Child support garnishees and child support deductions


This will reduce reporting to child support registrar


 


 


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18th-January-2022