Intuit Quickbooks confirms STP 2.0 roll-out date
Intuit QuickBooks has confirmed it will roll out the second phase of single touch payroll (STP 2.0) across its platform at the end of the month.
With the ATO rolling out STP2.0 as the new reporting standard, Intuit QuickBooks is adopting these changes across its platform from 28 February 2022.
“We are excited to be rolling out this next phase of single touch payroll. Small businesses, accountants and bookkeepers alike have had so much on their plates of late, and we wanted this to be one less thing keeping them up at night,” Shaye Thyer, head of accounting at Intuit QuickBooks, said.
“We know compliance is so important to our customers, small businesses, accounting and bookkeeping partners. These latest changes will not only save them time, but it will ensure they are up to date with the latest ATO compliance, as well as easing the burden of employers who need to report information about their employees to multiple government agencies.”
Intuit QuickBooks has made it simple by further laying out all the changes accountants need to know to stay on top of their game:
- Additional allowance codes will be added to meet the new reporting requirements, allowing the ATO to assist employees when completing individual tax returns.
- The removal of separate reporting for child support, will also make it easier for employers to deduct relevant payments.
- Intuit Quickbooks will introduce the income stream collection feature, which groups employee payments into income type, payment type and country codes.
- All relevant employee tax information will be incorporated into single touch payroll, meaning that tax file declarations no longer need to be submitted to the ATO.
“Lump sum E letters are no longer required, with this data collected included in the pay event prior to finalising your employee income statements,” Intuit Quickbooks explained.
“Paid leave will no longer be incorporated as a part of gross earnings, instead it will be reported using itemised tax codes.
“The ATO will also allow negative YTD amounts to be submitted by Single Touch Payroll.
“A reason for termination will be included within Single Touch Payroll, meaning that you will no longer need to issue employment separation certificates to Service Australia.”