Why is the ATO rolling out STP Phase 2?
The ATO and several related government bodies are seeking to reduce manual processes, reporting burdens and increase communication between businesses and the government. The aim is to better understand how each individual employee is paid and automate the transmission and storage of this information, especially when inter-departmental processes arise, such as child support.
- Some reporting requirements across multiple Government agencies are now consolidated e.g child support reporting
- Improve visibility and support the delivery of social welfare
- Remove the need for employment separation certificates
- Remove the requirement to send employee TFN declarations to the ATO
- Employee tax return deductions and returns are easier to complete