As part of the new Single Touch Payroll legislation introduced last year, there are a number of End-of-Year Payroll Reporting changes which now require action having entered Financial Year 2020/21.
Under these revisions, businesses reporting STP to the Australian Tax Office throughout the last Financial Year (2019/20) - are required to make Finalisation Declaration.
For businesses with 20 or more employees, you have until 14 July 2020 to make your Finalisation Declaration, whilst those with 19 or fewer staff need to make the Declaration by 31 July 2020.
Additionally, businesses reporting through an STP-enabled platform are no longer required to provide payment summaries to employees or lodge a 'Payment Summary Annual Report (PSAR)'.
For those who are not currently reporting STP, payment summaries will still need to be distributed to your employees, alongside the submission of a PSAR.
It is important to note that if your business is not currently registered for Single Touch Payroll, penalities may apply.
Once the Single Touch Payroll Finalisation has been sent to the ATO, the employee's information will be released in their myGov account and listed as 'tax ready'.
How Archer Gowland Can Help?
It's important to verify payroll figures before finalising to minimise the chance of errors and having to re-issue at a later date.
Contact Archer Gowland today if you would like us to make the STP End-of-Year process easier by reviewing & validating your payroll figures prior to finalising the date and lodging with the ATO.
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