24 July 2020
Reporting through Single Touch Payroll (STP) requires changes to your end-of-financial-year (EOFY) processes.
You'll no longer need to provide payment summaries to your employees or lodge a payment summary annual report for information you've already reported and finalised through STP.
Once you finalise, your employees' income statements will display as 'tax ready' in their ATO online account via myGov or through their registered tax agent, and be ready to use in their tax returns.
You must make a finalisation declaration for each employee after your last payment for the financial year. For the 2019–20 financial year the finalisation declaration deadline is:
It's important to remember that:
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