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While Xero’s STP Phase 2 reporting deferral is until 31 March 2023, we strongly recommend you get started now so you have the time you need to make sure you are compliant by the deadline.
The expansion of STP, also known as STP Phase 2, reduces the reporting burden for employers who need to report information about their employees to multiple government agencies. It helps Services Australia’s customers, who may be your employees, get the right payment at the right time.
Head to the STP Phase 2 Portal in Xero Payroll and progress through each stage of the transition process to get your payroll data ready.
Step one: Update employee records to meet the new STP Phase 2 filing requirements.
Step two: Update income pay items to the new STP Phase 2 filing requirements.
Step three: Categorise existing paid leave types to the new filing requirements.
Step four: Switching to Phase 2 reporting. Once your payroll data is updated and you’ve marked each step as complete in the STP2 Portal, you’ll be able to opt-in to Phase 2 reporting.
As you progress through the transition, you will need to mark each step as "complete" in the STP 2 Portal. This ensures payroll data is accurate and could help reduce filing errors later in the financial year.
STP can be a technical process – and the larger and more complex your business is, the larger and more complex the task will be. FMA is available to assist and work through this important compliance requirement.
For assistance to complete this process, please contact our office directly.
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