UPCOMING SUPER & REPORTING CHANGES FOR EMPLOYERS

Superannuation Choice

You’ll have an extra step to take if you have new employees who start from 1 November 2021 and they don’t choose a super fund.

You may now need to request their ‘stapled super fund’ details from the ATO.

A stapled super fund is an existing super account of an employee that follows them as they change jobs.

This change aims to stop your new employees paying extra account fees for unintended super accounts set up when they start a new job.

 

Single Touch Payroll Phase 2

What’s changing?

The ATO is expanding STP to include additional information in your payroll reporting. Referred to as Single Touch Payroll Phase 2, this change comes into effect 1 January 2022.  However, we recommend you ensure you have the information required well prior to this date for ease of transition.  Some of the reporting which will be updated includes:

Employment basis

Likely available options:

  • Full time
  • Part time
  • Casual
  • Labour hire
  • Other (payroll information won’t be reported to the ATO)

Income type and Home country

Likely available options:

  • Salary and wages (this is the most common income type which you might also know as ‘Individual non-business income’)
  • Closely held payee
  • Working holiday maker (you’ll also need to choose the employee’s Home country (Country code))
  • Seasonal worker program
  • Labour hire

Updated ATO reporting categories

ATO reporting categories have been part of STP since the beginning. But the ATO has expanded the list of categories to better define the amounts paid to employees.

For example, the current ATO reporting category Gross payments is being split into more specific payment types, like overtime and bonuses.

 

 

Please see the attached Astro Tax Circular for Employers for more detail in relation to both changes

 

 

 

 

 

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