The ATO has also reminded employees that how they get their end of financial year information from their employer, showing their earnings for the year, depends on how their employer reports their income, tax and super information to the ATO.
- Employers that are not yet reporting through STP will continue to provide employees with a payment summary by 14 July.
- Employers that report through STP are no longer required to give employees a payment summary; instead this information will be provided in an ‘income statement’, available via the employee’s myGov account by 31 July (i.e., when the employer marks it as ‘Tax Ready’).
Editor: We will be able to access employee clients’ payment summaries or income statement information through our connections with the ATO (this has not changed).
Please contact our office if you have any queries about STP (whether as an employer or employee).
To find out more about Single Touch Payroll and how it will affect your business, read this article published by Sandra Price, who is a Bookkeeper and Payroll expert: Busting the Single Touch Payroll Myths
Please Note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.