Payment Summaries have changed
Last year’s introduction of Single Touch Payroll (STP) means that tax time this year will be a little different.
Employers are now required to report pays, taxes and superannuation information directly to the ATO each payday through STP.
Employers that do report this way will not have to give you a payment summary as they usually would at this time of year. Instead, employees will get an end-of-year income statement in ATO online services through myGov.
All employers will eventually report in this manner.
Employers that do not report to the ATO in this way will still need to provide a payment summary at the end of financial year.
Employers and BAS agents have until 14 July 2020 to complete all STP finalisations so please give them time to work through this process. You may be eager to get your tax sorted but this year it may pay to wait!
Contact your local bookkeeper
Our team of friendly bookkeepers are passionate about supporting small businesses with their financial and accounting needs!
Whether you’re just after some End of Financial Year/Payroll advice, bookkeeping tips or assistance selecting an accounting software package such as MYOB, Xero, Quickbooks Online or Receipt Bank, we can work through it together.
See below for our bookkeeper locations; if you’d like to ask a question, please feel free to use the form below and we’ll be in touch with you soon.
Justine Day: Southern Highlands / Bowral Bookkeeper
Amanda Graham: Southern Highlands / Bowral Bookkeeper
Petra Austing: Southern Highlands / Bowral Bookkeeper
Karin Evans: Gold Coast Bookkeeper
Pru Hall: Wollongong Bookkeeper
Jackie Short: Canberra Bookkeeper