Reminder Taxable Payments Annual Report (TPAR) is due by 28 August each year and penalties may be applied if they are not completed on time. Click here to find out if you are required to report your business taxable payments and what you need to report on.

If you require assistance with your reporting obligations or lodging a TPAR report, our friendly staff at Holden Accountants will be able to assist you.

 

Single Touch Payroll (STP)

Employers are required to complete their year end Single Touch Payroll (STP) finalisation declaration by 14 July each year.

Ensure your payroll information is correct before making the finalisation declaration. If you believe you are unable to make the declaration by the due date you will need to apply for a deferral with the ATO.

Once you have completed the STP finalisation declaration with the ATO, your employees will be able to gain access to their payroll information via myGov.

 

How STP reporting works

By utilising STP-enabled payroll or accounting software employers are able to electronically send tax and super information to the ATO. This information includes details on;

  • The type of income for the employee (such as salary, wages, or working holiday maker income)
  • The components which make up the amounts (such as gross pay, paid leave, allowances or overtime).
  • Details of your pay as you go (PAYG) withholding
    • The amounts withheld from your employees payments
    • Information about how you calculated the amount
  • Super liability information

 

Making amendments

If you find you need to make an amendment once you have submitted a finalisation declaration, you will need to submit this as soon as possible. You will be able to make the amendment through your STP software.

It is recommended you notify your employees when an adjustment is made, to ensure they have the correct information in their tax returns.

What Employees see

When you log into your myGov account, select the Australian Taxation Office link, then select ‘View my income statements’. This will allow you to view your payment summary for the current year to include in your tax return.

On 1 July, the status for this information will change from ‘year-to-date’ to ‘not tax ready’. It will remain with this status until your employer lodges the STP finalisation declaration. Once the declaration has been finalised the status will change to ‘tax ready’.

Multiple employers

If you have multiple employers, ensure you wait for all of the declarations to be finalised and the status changes to ‘tax ready’ before you complete your tax return.

If you do not have a myGov account

The ATO is encouraging all employees to set up a myGov account to view their payroll information. Alternatively you tax agent will be able to view this information through their tax agent portal.

If you would like assistance finalising your year end declaration or processing STP throughout the year please contact our office.