Reporting through Single Touch Payroll (STP) requires some changes to your end-of-financial-year processes.
You no longer need to provide a payment summary to your employees or lodge a payment summary annual report with the ATO for information you’ve already reported and finalised through STP.
You should tell your employees that you won’t be providing a payment summary and that they’ll be able to see their payment information in their ATO online account via myGov. Encourage your employees to check their personal details with you and in ATO online before tax time. Out of date or incorrect personal details may prevent them from seeing their information.
You must make a finalisation declaration for each employee after the last payment for the financial year. For the 2019–20 financial year the finalisation declaration deadline is 14 July for employers with 20 or more employees, or 31 July for employers with 19 or fewer employees.
The sooner you finalise, the sooner it will display as ‘tax ready’ in your employee’s ATO online account and be ready to use in their tax return.
To view further information from the ATO, click here