Single Touch Payroll – what it means for employees
How does single touch payroll effect my tax return? There has been a lot of talk about Single Touch Payroll (STP) for Employers but leading into the end of the financial year, it’s important that employees also understand the changes that are happening.
Firstly – what is Single Touch Payroll?
- STP is a change in the way employers report your wages and superannuation to the ATO.
- Your employer will now send you wage and superannuation information to the ATO each time they pay you.
So, what? I hear you ask! What does this mean for me?
- You MIGHT NOT get a payment summary this year. Some employers who report through STP may choose not to issue payment summaries. Don’t worry if this is the case (your employer will let you know), you can access the information through mygov or we can help you access it online;
- You can check your wages and super information though mygov and the ATO online services what your employer has transitioned to STP;
- You can check if your supernannuation has been paid. Super Funds will also be reporting to the ATO more frequently and let them know when your superannuation has been paid so you can make sure you are getting your entitlements;
- More of your information will be prefilled into myTax if you lodge your own return (yay!)
What if I dont have a myGov account?
- If you don’t have a myGov account you can create one through my.gov.au. Just click create an account and follow the prompts. Once it’s set up, you can add ATO online serices.
Do I have to have a myGov account?
- No, it’s not compulsary but you will need one if you want to access your information online. If you choose not to have one, the ATO can issue with a copy of your payment information. Your registered tax agent can also help.
Let Us Help
If you are unsure or have questions, please feel free to contact us.
If you would like to have a chat to see if I can help you please send me an email firstname.lastname@example.org or give me a call on 0490 096 864.
We are now taking appointments for 2020 Tax Planning meetings. Now is the best time to start planning if you haven’t already. Please reach out and contact us if you need help.