Single touch payroll (STP) for small employers with 19 or less employees became mandatory from 1 July 2019.
If you employ people, as an end of financial year process – you will need to complete the following:
- Make your finalisation declaration by 14 July each year
- If you have 19 or fewer employees, you have until 31 July 2020 to make the finalisation declaration
You can make a finalisation declaration as a part of your STP Reporting
Finalising your Single Touch Payroll data
- You may be exempt from giving payment summaries and a payment summary annual report for the amounts you reported through Single Touch Payroll (STP).
- This information will be made available to your employees online through myGov. Your employees can also request a copy of this information from the ATO.
- To be exempt from issuing these payments summaries to your employees, you will need to make a finalisation declaration. This declares you have provided all required information for the financial year through your STP reporting.
Amendments after finalisation
If you need to amend details after making a finalisation declaration, you should submit these as soon as possible. You can do this by submitting an update event. The ATO will make updated information available to your employees through ATO Online.
We also recommend that you notify your employee of the any changes to their finalised income statement.
If you need any help completing your finalisation through STP please do not hesitate to contact TTO on 08 8211 9426.