|EOFY under STP|
|This year will be the first “year end” under STP and things will be very different. |
Payment Summaries have a new name and location
· Payment Summary information will now be available online at myGov. It will be called an ‘Income Statement’.
Question: Will the ATO be doing a marketing campaign to advise employees about the end of Payment Summaries?
Answer: No. There are currently 60,000 employers live with STP, but there are more than 700,000 small employers that don’t start STP until 1 July 2019. A large marketing campaign would only cause confusion for the vast majority of people that aren’t impacted by the change yet.
Question: How can we notify employees about the changes?
Answer: The ATO has already prepared a range of information that you can share with employees.
· There is a PDF document that summarises the changes. This is an excellent document that can be attached to an email from payroll. Click here
Question: What if my employee demands a Payment Summary?
Answer: The law has changed and employers are no longer required to issue a Payment Summary.
· Employees can access their Income Statement via myGov
Answer: Yes, in theory you can, but it may not be a good strategy. If you do it this year, employees may expect it again next year.