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Get STP2 ready sooner rather then later!
The ATO has ramped up communications about getting ready to report the data required in STP2 reporting. This month alone, around 500,000 employers have received reminders to make sure they are getting ready for the change and not leaving their preparation until the last minute.
These reminders coincide with many products’ deferral deadlines fast approaching and an expectation that most payroll software will be enabled for STP2 reporting in the next few months.
STP2 captures more granular data during employee payroll processing. This aims to make things easier for employers who need to report the same information to multiple government agencies and supports Services Australia customers to get the right payments.
We recently spoke to the ATO’s Director of STP, Employer and Intermediary Engagement, Chontelle Weyman, who issues a reminder that no matter which payroll product you are using, now is the time for bookkeepers to get prepared.
“Transition is progressing well, with over 250,000 employers now reporting STP2 data for nearly 5 million employees,” said Chontelle. “For those who have yet to start, we want to make sure employers understand their obligations and have a plan in place.”
“Over 200 products are now available for STP2 reporting, with more coming onto the market in coming months,” says Chontelle. “As each business will use one or multiple products, payroll specialists will need to be familiar with the nuances of each product.
“We understand this is a change process,” continued Chontelle. “We have lots of resources available to help bookkeepers through the change, no matter where they are in that change journey.
“There are common mistakes and problems businesses can encounter when transitioning to the new way of reporting, but these can often be avoided by reviewing the resources we have on our website.
“It’s a matter of making sure you stay connected with your provider to know when your product will be ready and what steps you need to take,” said Chontelle.
“Some agents are saying that it wasn’t as hard as they thought it would be, but of course, the steps required to prepare and transition depend on the product being used and how complex the payroll is,” said Chontelle. “We are really appreciative of the time and effort bookkeepers are putting in to set up STP2 by attending events and tuning into webinars.
“We see bookkeepers as an important partner in supporting employers through this change and an essential part of the STP system,” continued Chontelle. “A lot of the time they are the conduit between the ATO and the client, which is a crucial relationship.”
Chontelle explains the effort put in now will be worth it in the longer term.
“Change happens over time and so will the benefits,” said Chontelle. “It will improve community services and the timeliness and accuracy of information.”
The Australian Bookkeepers Network (ABN) have compiled, in consultation with the ATO, the STP2 Intensive Workshop Series, with 7+hrs of training content, available for members till 31 December 2022. Buy a ticket TODAY.
Click here, for more STP2 information direct from the ATO.
