2022 NSW Business Support Package
The introduction of Single Touch Payroll (STP) has changed the year end processes for both employers and employees. Payment Summaries (or Group Certificates) are now a thing of the past, with income statements replacing these. Here’s what it means for both employers and employees:
STP Finalisations
Employers no longer need to provide payment summaries (group certificates) to your employees or lodge a payment summary annual report with the ATO. STP replaces this need as information that is reported on these forms have already been reported to the ATO when you file your pays.
Submitting an STP Finalisation is easy and XERO have provided some easy to follow instructions for this: https://central.xero.com/s/article/Finalise-Single-Touch-Payroll-data
We recommend that you let your employees know that they will no longer be receiving a payment summary. Once the STP Finalisation has been submitted, we should advise your employees that the income statement is ‘tax ready’ and that they can proceed with preparing their 2022 income tax returns.
STP Finalisations are required to be submitted by the 14th of July. If you do not finalise by this date, you should do this as soon as possible to ensure your employees can access their information to complete their income tax return.
Please contact our office on 02 9531 0922 or Xero support with any queries
At Eclipse Accounting Group, we’re about so much more than just numbers.
We’re invested in the good of our clients, our team and our families, and we strive to make a difference in the wider world.
