Remember how Group Certificates / Payment Summaries have been phased out and Single Touch Payroll (STP) is in?
Its now time to reconcile your payroll accounts and finalise income statements for your employees.
You have until 31st July 2021.
You need to make a finalisation declaration by 14 July. However, we recognise the impacts of COVID-19 on the Australian community. If you need additional time, you can complete your STP finalisation up until 31 July.
Before making your finalisation declaration, make sure your STP information is correct.
You will need to tell your employees:
– you are no longer required to provide them with a payment summary for the information you’ve reported and finalised through STP
– they can access their year-to-date and end-of-year income statement online through myGov or talk to their registered tax agent
– ‘income statement’ is the new term for their payment summary
– to wait until their income statement is ‘Tax ready’ before lodging their tax return
– to check their personal details and if necessary, update with both you and the ATO (incorrect personal details may prevent them from seeing their STP information)
Get it straight from the horses mouth here: ATO STP for business