Single Touch Payroll (STP) changes how you report your employees’ end of financial year (EOFY) information to your employees and the ATO.
You no longer need to provide a payment summary to your employees for amounts reported and finalised through STP. You have until 31 July to finalise your employees’ EOFY payroll information through your STP-enabled software or your payroll provider.
You are no longer required to 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.
What to tell your employees:
- If you’re reporting through STP, make sure they know whether or not you are providing them with a payment summary this year.
- They can access their year-to-date and end-of-year payment summary information, now known as an income statement, in their ATO online services account through myGov.
- If they use a registered agent to lodge their income tax return, their agent will also have access to their information.
- They should wait until their information is marked as tax ready before they lodge their tax return.
To view the ATO information and factsheets in full, click here.