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Single Touch Payroll Update
Most employees should now be reported through Single Touch Payroll (STP). For many small businesses this will be the first year of having to complete the finalisation process in STP.
14 July for business with 20 or more employees
31 July for business with 19 or fewer employees
Closely Held Payees
Closely held payees include family members, directors, shareholders or trust beneficiaries. The exemption from reporting through STP has been extended to 1 July 2021. At this date all employees must be reported through STP.
For any closely held payees that are already reported through STP, the finalisation date is 30 September.
Don’t forget to check our EOFY and
for templates and checklists.