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The past few months have enabled the ATO to see where people are making mistakes with STP Phase 2. At ABN, our Helpline is also seeing similar errors trending. We are also receiving feedback regarding the areas that are causing the most confusion for bookkeepers. With the various software company STP2 extensions coming to an end, client STP 2 implementations are becoming more pressing. The timing is right to flag the errors that are being made so that we can all plot our way through the icebergs and ensure error free client STP2 implementations.
The basis of STP2 is real time payroll reporting that is also shared with other government departments. This means that errors will have more immediate consequences to employees and employers alike. Contrast this with STP1 where there was time to correct payroll mistakes up to the time of transmitting year-end STP Finalisations. The best approach to errors in the STP 2 environment is to not make them in the first place. Dealing with the consequence of errors and the rectification process will lead to unnecessary angst and wasted resource.
We are joined by our special guest Chontelle Weyman from the ATO for this important episode of Bookkeeper Radio. If you have already started your STP2 implementations or are just planning them for the months ahead this episode is for you.
Cyber Threat: Let’s talk cyber Insurance: Join 15 minutes before 4pm scheduled start time for a chat with our Cyber Insurance experts. Recent press reminds us that the Cyber threat is very real. If it can affect some of our largest public companies, it would be naïve to think any of us are immune.