Important Single Touch Payroll Update

Important Single Touch Payroll Update

Single Touch Payroll (STP) and Annual PAYG Payment Summaries – a reminder to both employers and employees.

Payment summaries – if you are using the STP system you will be exempt from issuing payment summaries to your employees if you have made a ‘’finalisation declaration’’.

STP summaries replace the previous PAYG summaries.

The payment summaries will be made available to your employees online through myGov.

The finalisation declaration requires the employer to declare that all of the information relative to the financial year for each employee has been provided through your STP reporting. Finalisation declaration lodgement requirements are:

Employers with 20 or more employees will have until 14th July 2020.
Employers with 19 or less employees will have until 31st July 2020.
Payment summaries – if you are not using STP, the payment summaries have to be prepared and sent to all employees by 14th July 2020.

PAYG Withholding Tax – if you are not using STP the annual summary is due to be lodged with the ATO by 14th August. 2020.

Payroll Tax (if you are liable – if you have any questions please contact us) – you have to prepare a reconciliation of total payroll for the year showing the total amount of payroll tax payable and then reconcile this with the remittances that you have forwarded throughout the year.

Workcover – a Workcover Declaration is due by 31st August certifying wages paid for the year ending 30th June 2020.

ATO

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Coutts Redington
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First and foremost, we’re accountants. But we like to think of ourselves as a lot more. We work closely alongside business owners to bring more clarity, direction, and support, improving elements of your life beyond just the business. And, with our firm’s history in the Townsville area going back to the 1950s, we’re an established part of the local business community. We take that responsibility seriously.

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