Single Touch Payroll end-of-year reporting changes
Single Touch Payroll (STP) changes how you report your employees' end-of-year information to your employees and to the ATO
What you need to know
If you're reporting through STP you no longer need to:
- provide payment summaries to your employees for amounts reported and finalised through STP - employees will get an 'income statement' in myGov instead.
- lodge a payment summary annual report to the ATO for amounts reported through STP, as long as you complete the finalisation declaration by the due date.
You have until 31 July to finalise your employees' STP information by making a finalisation declaration through your STP-enabled solution.
What to tell your employees
- They will have an income statement in their ATO online services account (through myGov) for the amounts you have reported through STP.
- If they use a registered agent to lodge their income tax return, their agent will be able to access their STP information.
- When their income statement is tax ready they'll get a notification in their myGov Inbox - they should wait for this to occur before they lodge their tax return.
Remember, registered tax agents and BAS agents can help you with your tax.
Find out about:
Source: Australian Tax Office