In this topic
Introduction
This topic explains the reporting options that Payroll has available to assist clients at Year End.
There are two reporting options available for your end of year reporting:
- STP Finalisation only
- STP Finalisation plus Electronic Income Summaries
STP Finalisation only
Your STP figures will be sent to the ATO as ‘Final’ figures.
After the ATO has processed your finalisation submission, your employees will receive a notification from the ATO to advise that their Income Statement is ‘Tax Ready’.
If you choose this option:
- Your employees will receive an notification from the ATO confirming that their income statement is now ‘Tax Ready’.
- Your employees will be able to access their final figures on their MyGov portal or via their accountant.
NOTE: Employees can submit their tax return without waiting for their income statement to be ‘Tax Ready’ on MyGov. However, if their income statement is later finalised with different figures, the ATO may automatically amend the employee’s tax return or the employee may need to amend their tax return manually. This could result in a tax liability for the employee.
STP Finalisation plus Electronic Income Summaries
Your STP figures will be finalised as per the above, however, we will also produce electronic Income Summaries for you.
If you choose this option:
- Your employees will receive a notification from the ATO confirming that their income statement is now ‘Tax Ready’.
- Your employees will be able to access their final figures on their MyGov portal or via their Accountant.
- Your employees will be able to log on to Payroll to view their Income Summary.
- Your employees will receive an email from us to let them know when their Income Summary is available.
- You and your employees will always have access to your Income Summaries - unless you cease using Payroll
The fee for this service will be quoted at Step 4 of the Year End Wizard.
