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STP & END OF FINANCIAL YEAR CHANGES

Single Touch Payroll (STP) has changed how your employer clients provide, and your employee clients access, end of financial year information.

CEO Richard Suttie

By Richard Suttie

For employers who are reporting through STP:

  • They are not required to provide payment summaries to their employees or lodge a payment summary annual report for information they report and finalise through STP.
  • They should let their employees know:
    • if they will not be providing them with a payment summary
    • income statements will replace payment summaries
    • their employees can access their income statements through ATO online via myGov at any time. They can only use this information to lodge their tax return when the income statement has a status of ‘Tax ready’.

 

  • If they started STP reporting in the 2018–19 financial year, they have until 31 July 2019 to make the finalisation declaration. Encourage your employer clients to finalise all employee records reported through STP as soon as they are ready. The sooner information is finalised, the sooner it will display as ‘Tax ready’.

For employees:

  • Income statements will replace payments summaries. Employees can access their income statements through ATO online via myGov. If they do not have a myGov account, they should create an account onlineExternal Link and link to the ATO.
  • You will also have access to their income statements through Online services for agents – Lodgments then Client reports and the Tax Agent Portal.

 

If you would like further explanations on the matter of Single Touch Payroll and the End of Financial Year Obligations contact our office on 03 9417 3511 to speak with our accountants.

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Disclaimer

Richard E Suttie Pty. Ltd. Trading as Suttie Financial Group.

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