You must complete a ‘finalisation declaration’ for your employees’ 2020 EOFY payroll information through your STP-enabled payroll software after your last pay run for the financial year.

If you have what we call ‘closely held (related) payees’, you may have a later due date for those closely held payees only.

What you need to do

• the way they receive their payment summary is changing and it will no longer be provided by you

• they can access their end-of-year financial information (now called an income statement) through their registered tax agent or ATO online services using myGov, and this information will be automatically pre-filled in their 2020 income tax return

• if they don’t have a myGov account they can easily create one using an email address and password, then link their myGov to the ATO. Get started at ato.gov.au/onlineservices

• if they cannot create or access a myGov account and don’t use a registered agent, they can call the ATO on 13 28 61 and they’ll provide this information to them

• there is a factsheet on the ATO website to help them understand these changes, visit ato.gov.au/stpforemployees

If you discover a mistake after you’ve finalised, correct this in your STP-enabled software.

If you’d like more information about STP enabled software, give us a call.

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