STP Phase 2 – A Deep Dive

What you and your clients need to know about STP Phase 2

Single Touch Payroll Phase 2 (STP2) is bringing added responsibilities and complexities for Accountants and Bookkeepers and our small business clients. STP2 data is now going beyond the confines of the ATO and is being shared with other government agencies, directly impacting other benefits and allowances received by individual taxpayers. It’s vital that we, and our clients get the setup and processing of STP2 right.

All of the major software houses will have STP2 functionality available in their solutions by 30 June this year. This is likely to lead to an influx of enquiries from clients on how to setup, maintain and report via STP2. But before you or your clients make any changes to payroll systems to cater for STP2 it is vital to understand the components of STP2 and how they will impact your clients and their employees payroll reporting to the ATO. 

This deep dive session will bring you up to speed on everything you need to know about STP2 including:

• a refresh on STP Phase 1 and common mistakes that the ATO are seeing
• significant changes to the setup and reporting of Salary Sacrifice arrangements
• the term “Disaggregation of Gross” and what it means and how it will impact your payroll
• additional breakdown required for various Allowances and Additions
• how these changes will impact your employees’ payslips
• how the ATO is going to share data with other government agencies via STP2
• how you upload STP2 data to the ATO
• how Closely-Held employees are treated under STP2
• how directors’ fees are treated under the STP2 system
• how STP2 will impact the Payroll EOY Reconciliation with the BAS
• which areas of payroll to review in readiness for rollout of STP2
• when your clients’ software will be ready for you to commence setup and reporting of STP2
• what is still optional to report under STP2
• what happens if clients change payroll software providers during the year

Note: This session is a deep dive extension to the STP2 introduction session – Single Touch Payroll – Version 2 

Learning Outcomes:

Attendees will learn:

• what questions to ask your payroll advisor before you transition to STP2
• critical dates to be compliant with STP2
• what you need to do to be ready for STP2 no matter what payroll software you use
• at details required in Client Engagement letters for STP2 to cover Lodging Pay events on behalf of clients & EOY Finalisation
• how you can assist your clients in preparing for STP2
• practical hints & tips on managing the transition to STP2

Suited to:

Accounting Professionals involved in Business Advisory services including technology and those assisting clients in payroll setup, processing or support.

This On Demand includes: 

• a recording of the webinar Event which can be viewed multiple times
• a PDF of the presenter’s PowerPoint
• a verbatim Transcript
• any supporting documentation
• a CPD Certificate after successful completion of the Knowledge Quiz