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As we know Single Touch Payroll (STP) Phase 2 is being rolled out.

If you're using MYOB or Keypay, it's ready to go.

It's important that this is set up in your software after you complete the 2021-2022 Income Statements.

If you are using Xero, the story is a little different.

Xero is not quite ready for the complete transition to STP Phase 2.

Their role out will be carried out in three stages.

Stage 1 will be ready in late August.

The first part of the process will be using the employee transition tool, to update existing employee records to capture relevant STP Phase 2 items.

What do we need to check with Stage 1?

Update employment type for each employee

Update the Income type of each employee

Make sure we have the employment basis right, eg full-time, part-time or casual

Allocate the appropriate PAYG sale.

More information will be available in the next few weeks.

As always, if you get stuck just reach out.