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TAX TIME 2020: Single Touch Payroll & EOFY
Single Touch Payroll changes how businesses will report end of financial year (EOFY) information to their employees and the ATO. If you employ staff, or if we lodge STP pay event reports to the ATP on your behalf, you will need to prepare for these changes.
Reporting through STP may support your JobKeeper payment application and help meet the monthly reporting requirements for the subsidy.
What you need to know about EOFY finalisation
You will need to complete an STP finalisation declaration for your employees' EOFY payroll information. You must do this through your STP-enabled payroll software after their last pay run for the financial year.
For the 2019-20 financial year
- Employers with 20 or more employees will have until 14 July 2020; and
- Employers with 19 or fewer employees will have until 31 July 2020.
Visit the ATO website for further information, and contact us if you require assistance or advice.