Single Touch Payroll – End of Year reporting
The ATO recently published an article on how to report your employees’ end of year information to both the employee and to the ATO.
Read the full article here.
If you are reporting through STP you no longer need to provide payment summaries to your employees or lodge a payment summary annual report to the ATO.
Your employees will instead receive an income statement in their ATO online service account via myGov. They will get a notification in their myGov inbox when their income statement is available.
You do however need to finalise employees STP information by signing off your data and lodging it with the ATO via your STP enabled solution.
If you are using Xero for STP reporting then you will find out how to finalise your payroll via this link.
The ATO has produced factsheets for both employers and employees which you can access via the links below.