Single Touch Payroll Deadline- 31 July 2021
The original deadline for the end-of-year finalization declaration has been extended from 14 July 2021 to 31 July 2021 to accommodate for those who have been impacted by COVID-19. This deadline does not apply to end-of-year STP finalizations for closely held payees.
For employers with 20 or more employees, the due date for end-of-year STP finalization for any closely held payees is 30 September. For small employers with only closely held employees, the finalization due date will be the payee’s income tax return due date.
There are several steps involved in making, amending, and accessing a STP finalization declaration.
- Ensure your STP information is correct. If you make a mistake in your finalization declaration after submission, you need to submit these amendments as soon as possible and make your employees aware of any adjustments which will be reflected in their income statement.
- If you cannot make the due date, you will need to apply for a deferral using the ATO’s online services for business and your tax agent can apply for you.
- Once you have made your finalization, your employees will see the status of their payment information change from ‘not tax ready’ to ‘tax ready’.
- After their income statement is deemed ‘tax ready’, employees can lodge their tax returns.
- Communicate with your employees. Ensure that they are aware of when they can lodge their tax returns, how they can access their year-to-date and end-of-year income statement online and ask that they check and/or update their personal details with their employer and the ATO so that they can access their STP information. You should also communicate to your employees that you are no longer required to provide them with a payment summary for the information you’ve reported and finalized through STP. Employees can access their end of year income statement online through their myGOV account or through their tax agent.
For more information you can visit the End-of-year finalization through STP or contact a Macro team member for further assistance.