For businesses that employ staff, the deadline for submitting your 2023 Single Touch Payroll (STP) finalisation with the Australian Taxation Office (ATO) is 14th July 2023.

The STP finalisation process ensures that all payroll information such as employees’ wages, PAYG withholding and superannuation contributions are accurately reported to the ATO.

Income statements (formerly known as payment summaries) are not required to be issued to employees anymore, rather these income statements are available on the employee’s myGOV account.  Once you have finalised your STP lodgement, you can advise staff that their Income Statement is ready.

Failing to meet this deadline may result in penalties and potential compliance issues.

If you are yet to submit the STP finalisation or require any assistance, please reach out to your 4Front Manager or Advisor.