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. |
ALL DAY CONFERENCE @ Mornington Racecourse
6 May 2025 - 8:30am - 5:30pm
In today’s fast-changing world, staying competitive means embracing new trends and technologies. At B.I.T.E.
Conference 2025, you'll discover groundbreaking strategies and tools—like A.I. and robotic process automation—designed to
help you navigate and succeed in the evolving business landscape.
Mortgage brokers have access to a broad panel of lenders, ranging from major banks to specialist lenders.
Equipment finance offers a flexible solution for acquiring the assets your business needs without significant upfront costs.
Commercial properties showed remarkable strength in 2024, with the essential service sectors driving significant growth across the Australian market.
Creating an effective budget is crucial for successful saving. One way to do this is to set up multiple debit cards for different spending categories.
Debtor finance is a financial arrangement where a business uses its accounts receivable (unpaid customer invoices) as collateral to secure funding.
Asset finance can be a powerful tool to help businesses work their way through the season smoothly while setting up for long-term growth.
The Australian commercial property market is set for a rebound in 2025, amid changing market conditions and renewed investor interest expected to lead the recovery.
The commercial property market is entering a period of strategic change, with new trends reshaping investment opportunities across various sectors.
While most car loans typically run for three to five years, extending beyond this can lower your monthly repayments.
Properties in markets with high supply levels or significant fluctuations in prices may be seen as higher risk.
Banks use this credit score to assess your creditworthiness, and it can significantly impact your ability to secure good financing terms.
For many Australians, purchasing an investment property first – known as 'rentvesting' – can be a smarter financial strategy.
The property investment landscape in Australia is experiencing a significant shift, as Queensland approaches Victoria's position as the second-largest investor market in the country.
Open homes can be overwhelming for first-time buyers. With so much at stake, asking the right questions is crucial to making an informed decision.
ONLINE WEBINAR
23 February 2023 // 12:30pm
In our upcoming webinar we'll be diving into some common exit
strategies for successful succession planning, the pros and cons, and what you need to consider before making a decision.
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
It doesn’t matter how much you have. It’s what you do with it that counts.
Not just for young entrepreneurs, this webinar is designed for anyone who is within their first 2 years of a new business to ensure you've got the most important operational, legal and financial structures in place.
Taking time to ask yourself the big questions can be daunting and empowering at the same time. Understanding and prioritising your goals and needs is a valuable step.
With many of our business community made up of building companies, building suppliers and trades people, this is an issue bigger than ProBuild itself. The ripple effect of the demise of such a building giant will leave many of us asking the question ‘how secure is my business and my livelihood?’
.png)
.png)
