STP – What it means for you
From the 1st July 2019, employers must report all payroll information such as salaries and wages, pay as you go (PAYG) withholding and super to the ATO through STP-enabled software each time you pay an employee.
Super funds will also be reporting all superannuation guarantee contributions (SG) to the ATO, ensuring businesses are correctly paying employees their entitlements.
If your employees have a myGov account linked to ATO online services, they will be able to see their year-to-date tax and super information in their Income statement.
At the end of each financial year, you’ll need to finalise your STP data by making a declaration that you have completed your reporting for the financial year.
Once finalised, your employees’ Income statement in ATO online services will be marked as ‘Tax ready’. They, or their registered agent, will use the Income statement to lodge their tax return.
For any questions about your obligations as an employer, don’t hesitate to contact our team.
Comments are closed