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Payment Summaries have changed

14Jul

Last year’s introduction of Single Touch Payroll (STP) means that tax time this year will be a little different.

Employers are now required to report pays, taxes and superannuation information directly to the ATO each payday through STP.

Employers that do report this way will not have to give you a payment summary as they usually would at this time of year. Instead, employees will get an end-of-year income statement in ATO online services through myGov.

All employers will eventually report in this manner.

Employers that do not report to the ATO in this way will still need to provide a payment summary at the end of financial year.

Employers and BAS agents have until 14 July 2020 for 20 or more employees and 31 July 2020 for 19 and under employees to complete all STP finalisations so please give them time to work through this process. You may be eager to get your tax sorted but this year it may pay to wait.

As always, please contact us if you have any questions.

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