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Payment Summaries, also known as group certificates, have been an important document for employees in Australia, summarising their income and tax withheld. But with the introduction of Single Touch Payroll (STP) by the Australian Taxation Office (ATO), this is no longer the case.
STP revolutionises payroll reporting. Employers now electronically report salary, wages, and tax withheld to the ATO with each pay cycle, removing the need for traditional Payment Summaries.
Instead, employers provide employees with income statements through their final STP submission, which offer a detailed breakdown of their income information, including salary, wages, tax withheld, and superannuation contributions. These income statements serve as the essential document for employees when preparing and lodging their tax returns.
To stay informed about STP and income statements, visit the ATO website or reach out to the ATO directly.
