A reminder has been issued by the ATO to employers reporting through STP (Single Touch Payroll). That applies to just about every employer, assuming that deferral or exemption isn’t involved. Employers need to have payroll information finalized for the income year of 2020. They must do so through a declaration.
Finalization declaration due dates are as follows:
- July 14, 2020, for companies that have 20 employees or more; and
- July 31, 2020, for companies that have 19 employees or less.
Employers that use STP for finalization do not need to offer employees payment summaries. An annual ATO payment summary report does not require lodging, either.
Instead, employees can access payroll information using either ATO services online or through a tax agent (registered). They can do this to prepare tax returns for 2020.
Note to the editor: if you need more information about STP data finalization, kindly get in touch with our office.
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