Employers need to make a Single Touch Payroll (STP) finalisation declaration by 14 July 2024 unless you are a closely held employer.
This is to ensure your employees can access their finalised information to complete their tax return.
A closely held payee/employee is directly related to the entity from which they are paid a salary. These include:
- Family members of a family-owned business.
- Directors or shareholders of a company.
- Trustees or beneficiaries of a trust who are paid a salary.
The finalisation due date for closely held payees is 30 September 2024.
Please note, penalties may apply if you fail to make a finalisation declaration by its due date.
Penalties may also apply if you are not registered for STP when you are required to be registered as transition periods for employers to register for Single Touch Payroll (STP) are now over.
Please contact our office on (02) 9951 5400 should you require any information or assistance with fulfilling your Single Touch Payroll (STP) obligations.
