ABSIA provided a submission on the draft legislation for the addition of voluntary reporting of child support deductions and child support garnishee amounts to STP reporting on 5 February 2020.
Feedback from members was collated and summarised into the following five points:
- The ATO should consult the insolvency industry about the potential impacts.
- The 12 digit ID and 4 digit payment reference number that employers must have in certain circumstances is currently not in line with other industry processes (for example SuperStream).
- Mandating the use of ATO communication channels is overly restrictive.
- The introduction of bi-directional data flows will not be easy for the industry to implement. They will need sufficient resources and time to make these changes.
- There is a lack of understanding amongst the industry about the full STP journey. More communication is needed to ensure the industry understands what the future of STP will look like.
ABSIA looks forward to the outcomes of this consultation process and will continue to work closely with our members, the Government and industry on the STP program.
Access a PDF copy of ABSIA's submission here.