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Bookkeeper Radio: STP2 Launching

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The new STP Phase 2 initiative is about to launch! This next phase in the STP journey sees a significant increase in the volume of payroll data that will be shared with not only the ATO, but a number of other Government departments.

So what does this mean for a bookkeeper?

The sheer volume of additional data is perhaps the most notable feature of STP2. This expansion requires the bookkeeper to develop an understanding of what data is required, in the multitude of STP 2 labels and codes in order to properly drive STP2 software. How many? 16 new reporting labels and approximately 100 different codes and reporting options….. and the consequences of getting it wrong? The STP2 reported data will help shape employee’s social security, Child Support Agency and Income tax outcomes.

People there is more to this than a simple STP software upgrade.

Imagine one of your clients has an employee who pays child support. Under the new STP2 regime, data will be collected by the ATO and then shared with the Department of Human Services. If the employee is not correctly setup in the software, there will be flow on consequences for the employee, employer and ultimately the bookkeeper.

While this might sound like a massive responsibility (and it is), it also presents a great opportunity, as the complexities around STP2 will likely be too great for many small business owners, and they will need a bookkeeper's input!

This session of Bookkeeper Radio will lay the groundwork of what will be required when STP2 takes full effect. Grab a coffee or your favorite beverage and join us for the first session of Bookkeeper Radio for 2022 as we help shape a bookkeepers perspective on STP2!

Register here

25 Jan 2022
NEXT STP2 Intensive Workshop
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