In the 2019–20 Budget, the government announced that Single Touch Payroll (STP) would be expanded to include additional information.
The expansion of STP, also known as STP Phase 2, will reduce reporting burden for employers who need to report information about
their employees to multiple government agencies.
The mandatory start date was 1 January 2022 however Xero Payroll users obtained an extension until 31 December 2022. STP Phase 2
will be rolled out in phases:
| Stage one: |
The first stage will start being available within Xero from mid-April onwards. This will include updates to the way new employee records are set up in payroll, ensuring STP Phase 2 compliance. |
| Stage two: |
The second stage will begin rolling out within Xero mid-year. This will extend the set up process to enable the transition of existing employee payroll records to STP Phase 2 compliance. This will provide ample time for you to ensure all employees in your business are correctly set up for STP2 Phase 2 compliance. |
| Stage three: |
The final stage will be available in the second half of this year. It will see the new pay items from STP 2 finalised in Xero, with product support to review existing pay items that may need to be changed to those stipulated by STP Phase 2. |
The presidential election in the US on 5 November could dominate headlines during October, before the next meeting of the Federal Reserve later that same week. Investors are already debating whether a further reduction in borrowing costs in the US could be announced following this meeting.
Melbourne's housing market has experienced a significant shift in recent years, with its median dwelling value now ranking sixth-lowest among Australia's capital cities.
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Discover 9 essential financial planning tips to help new and expecting parents manage the costs of parenthood with confidence and ease.
Cash flow is the lifeblood of any business and when payments are delayed, it creates an immediate strain.
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Australia's CBD retail markets are showing signs of recovery post-pandemic with luxury brands leading the charge.
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The global economy is being shaped by conflicting triggers. These include productivity-boosting technology innovations, geopolitical tensions and the strident efforts of central banks to bring inflation under control. We examine the economic outlook and discuss the implications for your retirement savings.
In this episode of The Accountant That Builds, host Shannon Smit discusses the massive wealth transfer expected from Baby Boomers to the next generation, estimated at $84 trillion. Shannon highlights the opportunities and challenges of this transfer, focusing on estate planning, tax liabilities
Over the coming years, we’re about to witness the largest wealth transfer in history as Baby Boomers pass their hard-earned fortunes to younger generations. With an estimated $84 trillion set to be transferred, mostly from savings, investments, and real estate, this shift holds both incredible opportunities and significant challenges for families.
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Our aged-care financial advice case studies showcase real scenarios where our clients saved thousands by leveraging strategies regarding the family home, negotiating RADs and optimising care facility choices.
WEBINAR 11 SEPT // 12PM
In the third session, we'll delve into superannuation guarantee changes, including proposed changes to payday superannuation, new rates and
bases, and the impact on SG liability. Gain insights into employer deductions, termination of employment considerations and more.
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Starting July 1st, 2024, non-profit organisations (NFPs) in Australia with an ABN, but not recognised as charitable, must annually submit a NFP self-review return to the ATO to confirm their tax exemption status. This process involves three main sections:
The choice between a motorbike loan and a personal loan depends on your financial situation, credit profile and preferences.
When applying for a mortgage, lenders scrutinise your financial habits to assess your creditworthiness.
WEBINAR 28 AUG// 12PM
Explore the crucial differences between employees and contractors. We'll discuss when genuine contractors are considered employees for PAYG
withholding and SG, key factors determining employment or contract arrangements, and new guidance from the ATO.
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Systemisation is more than just a buzzword—it's a game-changer for businesses aiming to achieve sustainable growth. In our recent podcast episode, I had the chance to explore this topic with Dave Jenyns, the visionary founder of SYSTEMology and SYSTEMhub.
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Building on the findings from Xero Small Business Insights (XSBI) report, Small business productivity: Trends, implications and strategies, this special report presents industry and regional labour productivity data for small businesses.
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Equipment loans are an important financial tool that allows businesses to acquire the necessary machinery and tools without straining their cash flow.
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ONLINE WEBINAR
23 February 2023 // 12:30pm
In our upcoming webinar we'll be diving into some common exit
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You’ve worked hard for what you have – it’s time to protect it for the next generation.
ONLINE Webinar: Insurance Stripped Bare - What you really need to protect your assets
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