Single Touch Payroll is upon us – Employees
While Single Touch Payroll (STP) is being talked about frequently in the business and employer worlds, as an employee you may not know what this means for you.
STP is a change to the way your employer will report your wages and super information to the Australian Taxation Office (ATO) from 1 July 2019. It is only a reporting mechanism and you don’t need to worry as your employer will continue to pay you the same way. Your employer will be required to electronically report your wages, PAYG withholding and super information to the ATO on the same day you are paid.
What does this mean for you?
- You will be able to see your year-to-date information online through myGov
- The ATO and you can check if your super entitlements have been paid
- Your employer may no longer provide you with a PAYG Payment Summary
- More of your information will be prefilled into our tax software
What do I do if I don’t have a MyGov account?
If you don’t have a myGov account, it is easy to create one. Visit my.gov.au and select ‘create an account’ and follow the prompts.
Once your account is set up there are a range of services you can connect to. However please be aware if you connect to the ATO online services, the ATO will no longer send out paper correspondence to us or you, they will upload all documents to your myGov inbox.
Please note we will not have access to your myGov account and therefore will not see the documents you have received even though they will still have your mailing address as WLF Accounting & Advisory.
Is it compulsory to have a myGov account?
It is not compulsory to have a myGov account, however if you wish to access your information throughout the year you will need one, although you can call the ATO for your payment information if required. WLF Accounting & Advisory will also have access to your yearly wage information through our tax agent portal for your tax returns.
The ATO has recently released a fact sheet for employees seeking more information.
If you have any further questions regarding the STP change or require assistance with a myGov account setup, please contact us.