Payment Summaries have changed
Last year’s introduction of Single Touch Payroll (STP) for most employers 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 (still sometimes known as a group certificate) 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 have until 14 July 2020 to finalise the information reported through STP. Smaller employers have until 31 July 2020. Please give them time to work through this process. Once finalised, your pay, tax and super information will show in ATO online services as “Tax Ready”. You may be eager to get your tax sorted but this year it may pay to wait.
As always, please contact us if you have any questions.