by PBS Partners | Jun 25, 2019 | Tax Advice
If you are already reporting Single Touch Payroll (STP) to the ATO, there is a different process for issuing payment summaries from now on.
Employers must provide payment summaries to employees by 14 July. In the STP reporting system, employers must make a finalisation declaration by this date, in order that the employee’s information will be released in their myGov account and listed as ‘tax ready’.This replaces the need to issue payment summaries. However, if you are unable to make a finalisation declaration by 14 July, you still need to issue payment summaries to employees by other means by the due date.
The ATO is offering additional time up to 31 July 2019 to make the finalisation declaration for employers who have started STP during the 2019 financial year.
Be efficient and prepare as much as you can now, by checking the following:
Finalising Single Touch Payroll
It’s important to verify payroll figures before finalising, in order to minimise the chance of errors and having to re-issue at a later date.Once the payroll year is completed at 30 June, you can then analyse the payroll amounts for each employee and cross-check against the numbers in your profit and loss accounts.
Talk to us about making the STP end of year process easier by reviewing and validating your payroll figures prior to finalising the data and lodging with the ATO. The end of the payroll year will be here sooner than you think!