The ATO has issued a reminder to employers who report through Single Touch Payroll (‘STP’) – which should be all employers, unless an exemption or deferral applies – that they will need to finalise payroll information for the 2020 income year by making a declaration.
The due date for making finalisation declarations is:
- 14 July 2020 for employers with 20 or more employees; and
- 31 July 2020 for employers with 19 or fewer employees.
Employers that finalise through STP are not required to provide payment summaries to employees and lodge a payment summary annual report to the ATO.
Instead, employees will be able to access their payroll information (for preparation of their 2020 tax return) through a registered tax agent or via ATO online services.
Read more about finalising your Single Touch Payroll data by 14 July
If you have any questions in relation to STP, contact our office on 08 9392 7600 and we’ll be happy to discuss it with you.