STP Phase 2 is on its way

STP Phase 2 is on its way. Here's everything you need to know.

The lowdown

Single Touch Payroll (STP) Phase 2 is on the way. This means the ATO is expanding the requirements for STP compliance. The goal of STP Phase 2 is to help reduce the amount of admin work for you - the employer, by automating additional reporting requirements to the ATO via STP. foundU is updating the platform to cater for this, and we’ll be letting you know what you need to do as the time comes. Don’t worry, we'll take care of the heavy lifting and guide you through anything you need to action.

STP PHASE 2 DETAILS

What's changing?

Here’s a summary of the upcoming STP Phase 2 roadmap: 

Stage 1: New Reporting Categories. You will start to see new STP Phase 2 specific reporting categories in Allowances, Deductions and Leave settings. 
Stage 2: Employee onboarding updates. We will begin to collect STP reporting information for employees. 
Stage 3: New employee termination workflows and changes to Working Holiday Marker (WHM) tax. 
Stage 4: Final transfer of information to become fully STP Phase 2 compliant.  

When is it due?

foundU is approved for a deferral for STP Phase 2 compliance until September 2022, including you, our foundU platform users. This means we have plenty of time to get you compliant! 

What do I need to do?

foundU is working on changes to the platform to align with STP Phase 2 requirements. As part of this, you will see some changes to existing processes, new features, and may need to update some settings and information in your platform to comply with STP Phase 2 reporting. 

You will start to see a red ATO pill throughout the platform which symbolises that the information used is required for STP. This information is not currently mandatory and we will let you know when you need to have this information completed before moving to STP Phase 2 reporting. 

Don’t worry, we will be drip-feeding the changes to you along the way with plenty of support and resources from our team to guide you through it.  

For now, there is nothing you need to do. Just stay tuned!