1st Quarter 2021

14 JULY 2020

• Payers must issue 2019-2020 PAYG Withholding payment summaries to payees (that is, employees and other workers). You may be exempt from giving payment summaries and a payment summary annual report for the amounts you reported through Single Touch Payroll (STP). This information will be made available to your employees as an income statement through ATO online services via myGov. To be exempt from issuing these payment summaries to your employees, you will need to make a finalisation declaration by 31 July 2020 (19 or fewer employees). You will still need to do a payment summary for any payments you don't report through STP.

The Australian Taxation Office (ATO) understand that due to COVID-19 your working arrangements may have changed. If you have been working from home, you may have expenses you can claim a deduction for at tax time.

You need to make a finalisation declaration by 14 July each year. If you have 19 or fewer employees, you have until 31 July 2020 to make the finalisation declaration.

How you get your end of financial year information from your employer showing your earnings for the year (also known as an income statement or payment summary) depends on how your employer reports your income, tax and super information to The Australian Taxation Office (ATO). You will be provided with either: