Newsletter: STP finalisation (no more payment summaries), STP deferral for closely held (related party) employees, Monthly JobKeeper lodgements
STP finalisation (no more payment summaries)
When you report and lodge a finalisation declaration under Single Touch Payroll, you are exempt from lodging a payment summary annual report and providing payment summaries to your employees (employees can access their year-to-date and end-of-year income statements through myGov or their tax agent). This link can be sent to employees to explain the changes: https://www.ato.gov.au/Business/Bus/The-way-you-get-your-payment-summary-is-changing/
STP deferral for closely held (related party) employees
There is an exemption for small employers (<19 employees) from reporting closely held employees through Single Touch Payroll which has been extended until 1 July 2021. A year end payment summary annual report and payment summary must still be lodged for 2020 & 2021. A business with only closely held employees may be eligible for a concession to lodge this report by the due date of their tax return.
Monthly JobKeeper lodgements
A monthly declaration must be made by the 14th of each month before a payment is made for the previous month. The declaration requires the actual income from the previous month and an estimate for the next month be provided. Businesses that haven’t previously been eligible to register for JobKeeper have until the end of each month to enrol for that month.
