Payment Summaries have changed
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, which for the vast majority will mean no more printed documents.
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 to complete all STP finalisations unless you have fewer than 19 employees, in which case you have until July 31. So please give your team 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.