Single Touch Payroll 2020 data
The ATO has issued a reminder to employers who report through Single Touch Payroll (STP) – which should be all employers, unless an exemption or deferral applies – that they will need to finalise payroll information for the 2020 income year by making a declaration.
The due date for making finalisation declarations is:
- 14 July 2020 for employers with 20 or more employees; and
- 31 July 2020 for employers with 19 or fewer employees.
Employers that finalise through STP are not required to provide payment summaries to employees and lodge a payment summary annual report to the ATO.
Instead, employees will be able to access their payroll information (for preparation of their 2020 tax return) through a registered tax agent or via ATO online services.
Please contact Business Accountants Omnis Group in Perth if you have any questions or concerns about STP or any other tax matters, on 08 9380 3555. Omnis Group are Xero Gold Partners and can assist with payroll solutions, including systems operating in the cloud.
Related reading
https://www.omnisgroup.com.au/business-support-services/single-touch-payroll-developments/
