The new final due date for the end of year STP declarations is now the 31st of July 2021.
The usual 14th of July due date for any STP finalisation declarations for this financial year has been and gone. But thankfully, the ATO has recognised the immense pressure on small businesses due to ongoing complications due to the economic disturbances caused by Covid-19 lockdowns and has therefore allowed an extension to this delivery.
If you have found yourself completely overwhelmed with new expectations regarding your single touch payroll declarations, then you have been given a further two weeks grace to submit any information to the ATO or to provide your accountant with the information required to do this for you.
The due date of the 30th of September remains the same for the closely held payees of those companies that are declaring a mixture of both arm’s length employees and closely held payees and any small businesses that only have closely held payees should be aware that they will need to finalise their documentation by the payee’s tax return due date.
If you can submit any necessary documentation earlier than this, of course, that would be desirable to the ATO, who are anticipating and preparing for a very complex tax year. The extension ensures that individuals and businesses have time to complete the necessary documentation correctly, easing complications further down the track.
This comes as a massive relief to many. We would like to take the opportunity here to recognise the ongoing consideration and support that the Australian government and the Australian Tax Office provide businesses throughout this time.
The team at PPartners are well-advised and confident advisors in all aspects of financial planning, including tax returns, so if you are a little unsure about your obligations this financial end of year, especially regarding the changes to the STP declarations, then we urge you to get in touch so that we can get you sorted before this new due date.
As the Covid-19 situation is constantly changing and our government’s response remains stoic in its attempt to protect communities and the healthcare system, it is imperative that you keep well informed to be able to make the most of the support packages that are available to your business.
This STP finalisation due date extension is just one of the many differing tools we have given to support businesses and communities.
Contact our office on 03 9347 8033 or fill out our contact form to get started today and make the end of year STP a breeze.