Single Touch Payroll (STP)

If agency has commenced using Single Touch Payroll (STP), employee’s payment summary data is known as an ‘income assertion’ in myGov. This is now the equal of your payment Summary (some human beings can also still seek advice from it as a group certificate).

The organization isn’t obliged to present you an end-of-12 months payment summary for the facts they file via STP (the law has changed).

The payment summary facts will now be available in myGov. ATO will send a notification to into myGov inbox when individuals’ earnings assertion is ‘tax ready’ so employee, or his tax agent, can complete tax return. Employee can contact ATO for a copy of income announcement.

STP software automatically sends your employees’ tax and superannuation records to the ATO. STP allows employees, too.

The main advantage of single touch payroll is to assist employers streamline their reporting system to the ATO. With data supplied after every payroll cycle, the ATO will be able to pre-fill PAYG sections of BAS for employers and take away capability mistakes and double handling.

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au