In 2022, the Australian Tax Office (ATO) rolled out Phase 2 of Single Touch Payroll (STP2) to include new reporting requirements designed to reduce the reporting burden of employers who have to report to multiple government agencies. These include further details about gross income, employment and taxation conditions, visibility on income types, country codes, child support garnishees and deductions.
QuickBooks has implemented STP2 in February 2022, which means that the common pay, leave, and deduction categories in the system have been updated with payment classification information so users don’t have to manually update it. You will also be considered to be reporting on time and you won’t need to apply for more time.
Note: To learn more about QuickBooks and STP2 you can check our STP2 learn & support content and our STP 2 readiness checklist .