Hello 2022 EOFY

It’s that time of year again when employees will be eagerly awaiting their Annual Income Statement needed to have their individual tax returns done. To avoid disappointment and issues we suggest employers advise employees not make appointments with their tax agent until after 14th July. 
The STP Finalisation process is more than just a click of a button. Reconciliations need to be performed between a business’s accounting general ledger, payroll software and ATO Portals to ensure that what has been processed in payroll is what has actually been paid to each employee. Employers are obligated to have the Annual STP EOFY Finalisation submitted by 14th July 2022. 
Once done employees should be able to see their Income Statement via their MyGov Account or their Tax Agent will be able to see it via their ATO Tax Agent Portal.
Attached is a handy fact sheet business’s can provide to employees to assist them with how to access their Income Statement. 
You could also provide them with this link to more information on the ATO website https://www.ato.gov.au/Individuals/Jobs-and-employment-types/Working-as-an-employee/Access-your-income-statement/#FindyourincomestatementinATOonlineservic
Team Beam is already underway with this process for clients engaged to have this important task taken off their hands.  

Recent Beam News:

Super Changes Start Today

Super Changes Start Today: What do you need to know and do? We did alert you to these changes a few months back, but the day of change is finally...

Super Deadline

Super Deadline   If after consulting with your Accountant, you are planning to bring forward payment of your June quarter super to secure a tax...

Beam Bookkeeping have been announced Australian Accounting Awards Finalists in 2 Categories!

Team Beam are Finalists! Team Beam have been announced as finalists in 2 categories for the Australian Accounting Awards; Bookkeeping Firm of the...

Minimise Key Person Risk

What is a Key Person? A Key Person is someone with a proven skill and/or critical knowledge behind that skill, in a particular area of a business...