Employees did you know you will NO LONGER get a PAYG Payment Summary?
Let us explain. Since the inception of Single Touch Payroll, everything is now online in one system.
STP allows employees to view their payment information, including tax, income and super at any time in the year via the myGov online service.
On 1 July, they will see the status of this information change from ‘year-to-date’ to ‘not tax ready’.
It will stay this way until your employer submits their finalisation declaration.
When they have made the finalisation declaration, you will see the status of your payment information change to ‘tax ready’.
If you don’t have a myGov account, it’s easy to create one.
We can set up an appointment and undertake to commence your annual tax return and get it ready so to speak, but we cannot finalise it till your employer has lodged the final declaration.
You need to make a finalisation declaration by the 14th July, however, if you have less than 19 staff you have until 31st July to make the finalisation declaration.
To make it easier if may be advisable to let your staff know when you will be making the final declaration.
Some employees like to lodge their tax returns early in July and may choose to do so before you have finalised their STP information.