Finalising your Single Touch Payroll data

If you opted in for Single Touch Payroll (STP) before the 1st July 2019, there are a few things that we think are important to let you know about.

{End of Financial Year Changes}
There is no requirement to provide payment summaries to your employees nor lodge a payment summary annual report to the ATO. This will be done once you have finalised payroll through STP.

{What you need to do}
You will need to make a finalisation declaration within your STP solution. This declares that you have provided all the required information for the financial year. Once you have made this finalisation declaration, the ATO will display the information as “Tax Ready” for your employees on their myGov account.

{When to finalise}
If you started using STP in the 2018-19 financial year, you will have an extended due date until 31st  July 2019. However, you don’t need to wait until this date, you can finalise as soon as you’re ready.

{What to tell your employees}
We urge you to communicate with your employees that you are no longer required to provide them with a payment summary (previously known as a Group Certificate) and that they can access their year-to-date information via their myGov account. From this year, it is called an Income Statement, and this is what will be displayed on their myGov account.

{Important to Note}
Please be aware that if an employee has left your employment throughout the year, there have been reported instances where they have not been included on the finalisation report. If this applies to you, we suggest you provide former employees with a PAYG Summary and as a precautionary measure keep a copy on file of all employees PAYG Summary’s for the year ended 30th June 2019. If you need further assistance, please be in contact with our office on (08) 8523 0999 to discuss your matter with an accountant.