Single Touch Payroll has changed how businesses report end of financial year information to both employees and the Australian Tax Office.
Sybiz has been helping businesses prepare for STP, from onboarding to EOY processing, with our dedicated STP information hub
It also pays to note that Payment Summaries are no longer required as part of your end of year reporting. You are also no longer required to submit a payment summary annual report.
Single Touch Payroll requires you to submit a Final Event for all employees you have paid throughout the 18/19 financial year by 31 July 2019. You can find more about submitting Final Event Indicators on our website
Employee Information Poster
If you're reporting via STP for the 2018/19 year it is recommended you inform employees of changes to the end of year process to avoid confusion.
Our Employee Information Poster
explains what employees need to know about STP and straightforward instructions for accessing their income statement.
We recommend you communicate this to your staff by email as well as printing a copy and placing it in an easily accessible place, such as an office noticeboard or communal fridge.
You can also direct employees to sybiz.com/mystp
to find out how to avoid tax delays.