Starting 1 July 2019, changes have been implemented to the way employers report tax and superannuation payments to the Australian Taxation Office (ATO). This reporting change is called Single Touch Payroll (STP). As you run your payroll, STP reports all employee tax and superannuation information to the ATO.
How are you affected?
Single Touch Payroll eliminates the need for producing payment summaries (also referred to as a group certificates) at the end of the financial year. This information is now electronically reported each pay period, directly to the ATO. Note that you will not be affected by this change for the year ended 30 June 2019 as your payment summaries have already been issued and emailed through.
For the year ending 30 June 2020, your end of year payment summary information will be available in your myGov account. The payment summary information in myGov is called an Income Statement. This is what would be required to complete your Tax Return.
Shortly after the financial year you will be notified via myGov that your income statement is ‘tax ready’ which indicates you or a tax agent can complete your tax return.
STP Fact Sheet for Employees
The way employers report your tax and super information to us is changing. This fact sheet issued by the Australian Taxation Office provides further details on STP.
We understand the move to real-time digital reporting is a big change for employers, especially small businesses and we’re here to help! Please contact us if you have any queries in relation to Single Touch Payroll. Our friendly staff are just a phone call away!