The government introduced Single Touch Payroll (STP) in 2019, but this year is the first year that STP is mandatory for all size businesses. But what does it really mean for you and your return?
The STP laws give employers until the end of July to send their final STP report. Most Payment Summaries have been finalised and marked as ‘Tax Ready’, but unfortunately, we are finding many employees are still waiting.
If you’re one of the ones still waiting, the good news is that we can still prepare your return, they just can’t be lodged until they are ‘finalised’. We check all STP reporting daily, so as soon as your return can be lodged, it will be.
Unlike previous years, private health insurance companies are no longer required to send a statement to you, unless you specifically ask for it. The information, however, is reported directly to the ATO and your local ITP office can easily retrieve it for you.
Centrelink have now reported all benefits, pensions, and allowances that taxpayers have received, and as part of STP they too are not required to send out payment summaries. This information is now fully accessible by your ITP consultant, so your return can be completed.
A wide range of income types are now available to your ITP consultants via the STP reporting, including:
- Bank interest
- Dividends (please bring your statements as well)
So like many, if you’ve been holding off getting your return completed, don’t worry. Arrange an appointment today and your friendly ITP consultant can walk you through all the steps to get your return completed as soon as possible.