The 2019 Financial Year is the first year for most employers that they will have been registered for single touch payroll. This has meant a big change for employers end of year reporting of employee income.
If you were registered prior to 30 June 2019 or have registered since and have not yet lodged your PAYG summaries, you need to submit an STP finalization by 31 July 2019 and by 14 July every year thereafter. Once you have registered for STP, your online software will no longer allow you to lodge PAYG summaries.
Employees will no longer receive PAYG summaries and instead will have access to their income statement through their MyGov account or their tax agent. This information will be available to employees online and updated every pay period
It is important for employers to remember to lodge their STP information for each pay period on or before every pay date or penalties may apply.
For those that have not yet registered, unless you are one of the few exceptions with only related employees, you need to register and start lodging for a pay period prior to 30 September 2019.