At the end of each financial year, you are required to finalise your Single Touch Payroll (STP) data by submitting a declaration via your chosen payroll software.
This finalisation declaration must be lodged by 14 July 2022.
Once you submit this finalisation declaration, the ATO will notify your employees that their income statement is ‘tax ready’ through myGov and they can use it to complete their tax returns. This information will also be made available to their tax agent.
You are no longer required to provide paper-based payment summaries to your employees.
It is important to make this annual finalisation declaration so that your employees can be confident they are using accurate and complete information for their income tax return.
Please contact us if you require assistance lodging your 2022 STP finalisation declaration.