Single Touch Payroll – What it means for employees

With the introduction of STP, employees will now be able to access year to date tax and superannuation information through their personal myGov account.

In addition, the year end PAYG Payment Summary will be called an Income Statement and will be available online. The employers using STP will not be required to provide employees with a paper payment summary. It is important to note that not all employers were required to report under STP in the 2019 financial year, and therefore they will need to provide employees with a paper PAYG Payment Summary as done in previous years. Also in myGov, an employee will be able to see if their employer has paid all required superannuation contributions.