Payment Summaries – What employees need to expect

STP or Single Touch Payroll has gradually been rolled out over the past few years. From 1 July, all businesses with a payroll will need to be using STP software.

If your business has not yet adopted STP, you will need to provide all employees with a Payment Summary by 14 July. But this will be the last time you will need to do this. From July 1, all information on an employee’s income, tax and superannuation will be available on the individual’s MyGov account.

If this is the first year your business has adopted STP, you will need to advise your employees that they can access their Income Statement from their MyGov account from 31 July. As the employer, that gives you 31 days to mark their Income Statement as “Tax Ready”.

If you are an employer and you have not yet prepared for STP, you need to call us urgently on 02 8850 0388.