info@remaccounting.com.au
  • (03) 8797 5399
  • Recent News – REM Accounting
    • Home
    • Our Difference
    • Services
      • Accounting & Tax
      • Self-Managed Superannuation Funds
      • Business Advisory
      • CFO Advisory
    • Resources
      • Recent News
      • Useful Links
    • Contact Us

    End-of-year Single Touch Payroll changes for employers

    By admin • 28 June 2019 • Tax

    Single Touch Payroll (STP) will change how employers report their employee’s end-of-year information to both employees and the ATO. The first year of STP for employers with 20 or more employees will soon come to an end at the completion of this financial year.

    Employers that are reporting through STP will no longer need to:

    • Provide payment summaries to their employees for amounts reported and finalised through STP, as an income statement will get sent to employees’ ATO online services account (accessed through myGov) instead.
    • Lodge a PAYG payment summary annual report to the ATO for information that is reported and finalised through STP, as long as the finalisation declaration is completed by the due date.

    Employers who started reporting through STP in the 2018-19 financial year will have until 31 July 2019 to make the finalisation declaration through their STP-enabled solution. The declaration states that you have completed your reporting for the financial year. Employers should ensure that all STP information is true and correct before making their finalisation declaration.

    To get ready for end-of-year reporting, further things for employers to consider include:

    • The sooner that employees’ information is finalised, the sooner they will be able to lodge their tax returns.
    • Amendments should be made as soon as possible if any corrections need to be made to information after finalisation. This can be done by submitting an update event in your STP-enabled solution.

    Employee payment summaries and PAYG payment summary annual reports are still required for all payments that are not reported and finalised through STP, due 14 July 2019 and 14 August 2019 respectively. Where further assistance is needed, registered tax agents can assist employers with their end-of-year STP reporting.

    Tweet
    0
    What to consider in an employee share scheme
    PAYG reporting dates approach

    About the Author

    admin

    You Might Also Like

    • Do you need to be paying luxury car tax

      Do you need to be paying luxury car tax?

    • Which records you need to keep for the rental properties you own

      Which records you need to keep for the rental properties you own

    • 3 amounts not classified as income

    • Tax treatment of insurance payments for damaged property

      Tax treatment of insurance payments for damaged property

    No Comments

      Leave a Reply Cancel Reply

      You must be logged in to post a comment.

      Recent Posts

      • Spotting unauthorised and mistaken transactions
      • What you need to do before you buy an existing business
      • How does employer liability change with remote working conditions?
      • Advantages and disadvantages of home reversion
      • Do you need to be paying luxury car tax?

      Archives

      • February 2021
      • January 2021
      • December 2020
      • November 2020
      • October 2020
      • September 2020
      • August 2020
      • July 2020
      • June 2020
      • May 2020
      • April 2020
      • March 2020
      • February 2020
      • January 2020
      • December 2019
      • November 2019
      • October 2019
      • September 2019
      • August 2019
      • July 2019
      • June 2019
      • May 2019
      • April 2019
      • March 2019
      • February 2019
      • January 2019
      • December 2018
      • November 2018

      Categories

      • Business
      • Legal
      • Money
      • People
      • Super
      • Tax
      • Web

      RECENT COMMENTS

        Subscribe & Follow

        Subscribe to our newsletter and keep up to date with the latest news from REM Accounting & Advisory

        REM accounting logo
        • Accounting & Tax
        • Self-Managed Superannuation Funds
        • Business Advisory
        • CFO Advisory

        Association LogoAssociation Logo
        Copyright © 2018 REM Accounting and Advisory | Privacy Policy

        Liability limited by a scheme approved under Professional Standards Legislation