Single Touch Payroll For Employees

THINGS EMPLOYEES SHOULD KNOW!!!

The way employers report tax and super information to the ATO is changing. This reporting change is called Single Touch Payroll (STP). Not all employers have started STP reporting yet but if your employer reports through STP, they will send ATO your tax and super information each time they pay you. ATO calls this real-time reporting.

Don’t worry; you’ll still be paid the same way. However, there will be some changes for you.

WHAT STP MEANS FOR YOU AS AN EMPLOYEE?
Each time your employer pays you, your year-to-date tax and super information will be updated in ATO online services via myGov:

• It’s easy to set up and manage a myGov account if you don’t have one. You will need an email address to create your account. You can then use your email address or mobile phone number to sign in and can be done here my.gov.au
• If you already have a myGov account but have forgotten your username or password, select the links to recover your username or recover your password.
• You don’t have to have a myGov account. However, you won’t be able to see your tax and super information online without one.

Your employer does not need to give you an end-of-year payment summary (aka Group Certificates) for the information they report and finalise through STP.
Your payment summary information will be called an income statement in ATO online services.
Once your income statement information is finalised by your employer it will be identified as ‘Tax ready’ in ATO online services. To complete your tax return, you should wait until the information is ‘Tax ready’.

We’ll send a notification to your myGov Inbox when your income statement is ‘Tax ready’ so you or your registered tax agent can then complete your tax return.

You can check if your super has been paid!
Your super fund will let us know when your employer has made the payment.
Just remember, employers pay super contributions at different times and that’s OK. However, they must pay at least quarterly.

If you need any assistance in any of the above please do not hesitate to call me or the Aspire Now team on 07-38998062 for assistance.

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Mr. Carlos Rodriguez - Principal at Aspire Now
Aspire Now Head Office,
5B, 2994, Logan Road,
Underwood, QLD 4119

Please call/text
(07) 3899 8062
Email: accounts@aspirenow.com.au