EOFY 2020 Most employers should have been reporting their employees' payroll information through Single Touch Payroll (STP) system. If you aren't reporting through STP, you should start straight away. https://www.ato.gov.au/Business/Single-Touch-Payroll/Start-reporting/STP-checklists/ The ATO have extended the exemption for small employers with 19 or fewer employees to report their closely held (related) payees through STP from 1 July 2020 to 1 July 2021. Closely held payees include family members, directors and shareholders of a company, and beneficiaries of a trust https://www.ato.gov.au/Business/Single-Touch-Payroll/Start-reporting/End-of-year-finalisation-through-STP/ Employers should tell their employees not to expect a payment summary this year and to contact their agent or visit ATO online services via myGov to complete their tax returns. If you are not reporting to the ATO via STP, you will be required to provide 2020 PAYG Payment Summaries to your employees by 14 July 2020. Your Annual 2020 PAYG Payment Summary statement needs to be lodged with the ATO by 14 August 2020. Please note: Employers must make an EOFY finalisation declaration in Single Touch Payroll (STP) by 14 July (or 31 July if the employers started using STP during the 2019-20 tax year and has no more than 19 employees). It’s easy as ABC, EOFY! A – Accurate Debtors and Creditors: Check your Receivables and Payables match with the General Ledger Account. B – Bank Reconciliations: Make sure all accounts reconcile at 30/06/2020. C – Check and Collate your information: Scan your documents - loans, insurances, major purchases and sale of assets. E – Employees: Reconcile Employee, SGC & PAYG reports to your Balance Sheet and perform your EOFY STP process. O – Organise: Prepare for the next year. Update software or move to the cloud. Create new and improved systems! F – Finalise and Forward: Finalise and forward your back-ups and documents to your accountant Y – YTD Review: Review the year-to-date with your Accountant Helpful Links: https://help.myob.com/wiki/display/ar/End+of+financial+year+tasks https://www.xero.com/au/resources/financial-year-resources/?escape=true https://www.ato.gov.au/business/single-touch-payroll/start-reporting/end-of-year-finalisation-through-stp/
