Single Touch Payroll 2 is here. This is what you need to know.
EPISODE 50
Notes
Today on the podcast I provide an overview of what you need to know about Single Touch Payroll 2 (SST2). For business owners who have staff or are employees themselves, this is relevant for you. And STP2 is already here, so there are things that you need to know.
I actually suspect that many employing business owners are living in blissful ignorance right now because they don't know what they don't know about STP2. Don’t stress - this episode is here to help and runs throught the basics.
First up, I explain what STP is, why you need to care about it and what it’s replacing.
I then run through the changes that STP2 will mean for reporting and the types of details that you are now required to report on. Depending on your business these changes may have no impact or, it may have a massive impact for the payslips that you’re producing.
I run through two practical examples of what this might look like and also explain the areas that should be simple and those that you may need to pay a little more attention to, depending on the nature of your business.
Additionally, there are two methodologies that the Australian Taxation Office (ATO) is proposing for the changeover to STP2, so I explain the difference between those.
This is a big change to the payroll reporting requirements in Australia and there is a lot of detail to take in. This episode will help you understand the basics so grab and pen and paper and tune in so that you stay on top of the changes!
LINKS:
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About the
Author
Bec is a chartered accountant who worked at Australia’s big firms and banks for 15-years. Faced at a crossroads in her career, she backed herself, left her corporate job and launched Straight Up Bookkeeping. 3 years and 5 staff later, Straight Up Bookkeeping is one of Australia’s leading virtual bookkeeping businesses for creatives, with a mission to free business owners from financial stress so they can grow their empires.
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