Category: News

Griffin & Associates – 2025 Holiday Closure Period

Posted on by brettz-control

The staff of Griffin & Associates wish you and your family a happy and safe festive season. Our office will be closed from 2pm on Friday the 19th of December 2025 and will reopen at 8am on Monday the 5th of January 2026. We look forward to working with you in the new year.

Compulsory repayment changes

Posted on by brettz-control

The following changes to compulsory repayments for study and training support loans are now in effect from 1 July 2025:

  • The minimum repayment income needed to make a compulsory repayment has increased to $67,000 (from $54,435 in 2024–25).
  • Compulsory repayments have moved to a marginal repayment system. They are only calculated on income above $67,000 (instead of the total repayment income). See the latest Study and training loan repayment thresholds and rates.

If your repayment income is $179,286 or more, your compulsory repayment will continue to be 10% of your total repayment income. You will not be worse off because of the shift to marginal rates.

These rates and thresholds (other than $179,286) will be indexed each year in line with average weekly earnings.

Source: Australian Taxation Office

Access your income statement

Posted on by zephyrmedia

You will receive either an income statement via myGov or a payment summary from your employer depending on how your employer reports your income, tax and super information.

How you receive your income statement

Your employer will provide you with your end of year statement as either:

  • an income statement – if your employer reports to the ATO through Single Touch Payroll (STP)
  • a payment summary – if your employer is not yet reporting through STP

Your employer should let you know if you will receive an income statement or payment summary. You should talk to them if you are unsure.

Employers are no longer required to give you a payment summary if they report through STP. This information will be made available to you through ATO online services via myGov and finalised by 31 July

If you have more than one employer

If you have more than one employer, you may receive both an income statement and a payment summary. You will need to check that income from your payment summaries is included in your return. This information may be pre-filled for you or you might need to enter it manually.

Access your income statement via your tax agent

Your tax agent will be able to access your information through their software or through Online services for agents.

Your agent will need to wait until the income statement has been marked as ‘Tax ready’ to prepare and lodge your return. Most employers have until 14 July to finalise their data. However, some employers have until 31 July to do this.

We will send a notification to your myGov inbox when all of your income statements are ‘Tax ready’.

Access your income statement through myGov

If your employer is reporting through STP, you receive an income statement.

Your PAYG payment summary will show your year-to-date salary and wages, the tax that has been withheld and the reported amounts of your employer super.

You will need to wait until your employer marks your statement it as ‘Tax ready’ before you prepare and lodge your tax return. Most employers have until 14 July to do this but will often do it earlier. Some employers have until 31 July.

It is important that you don’t use any information that is not marked ‘Tax ready’ as your employer may finalise your income statement with different amounts. If you lodge before the statement is ‘Tax ready’, you may have to amend your tax return.

We will send a notification to your myGov inbox when all of your income statements are ‘Tax ready’.

If after 31 July your PAYG payment summary is not marked as ‘Tax ready’ in ATO online services, you will need to speak to your employer to find out when they will finalise your statement.

When your income statement is not tax ready

If your statement information isn’t marked as ‘Tax ready’ by your employer, you will see a red box in ATO online services that says ‘Not tax ready’. You will need to speak to your employer to find out when they will finalise your statement.

If you choose to lodge your tax return before your income statement is finalised by your employer, you will need to review any information that has pre-filled and confirm it is correct and you wish to use it before you submit your tax return.

If you choose to use information from your income statement before it is finalised to lodge your tax return, you will need to acknowledge that:

  • your employer may finalise your statement with different amounts
  • you may need to amend your tax return and additional tax may be payable

Griffin & Associates

Click here for further information on how Griffin & Associates can assist in your tax matters.

Source: Australian Taxation Office

STP Update

Posted on by brettz-control

Overview – STP Update

STP is a change to the way employers report their employees’ tax and super information to the Australian Taxation Office.

Using payroll or accounting software that offers STP, employers send their employees’ tax and super information to the ATO each time they run their payroll and pay their employees. STP information is sent to the ATO either directly from the software or through a third party (service provider).

Software providers can tell you more about how they offer Single Touch Payroll reporting.

Employers with 19 or less employees

Legislation to extend Single Touch Payroll to include employers with 19 or less employees is currently before parliament. The Bill has been passed by the Senate with a number of proposed amendments. It has been referred to the House of Representatives to consider the amendments put forward.

For now, you can choose to report through Single Touch Payroll. Talk to your software provider to find out what you need to do to update your software and start reporting.

The ATO won’t force employers with 19 or less employees to purchase payroll software if they don’t currently use it. Different STP reporting options will be available by 1 July 2019 to help smaller employers.

Exemptions to STP reporting will be available for employers with no internet or an unreliable connection.

You can start using STP now

From 29 January 2019, the ATO will write to small employers who have 19 or less employees and already use payroll software.

The ATO will remind employers that they don’t need to wait for legislation to pass to start reporting through STP. If their payroll software offers STP they can update their software and start reporting now.

Low-cost Single Touch Payroll solutions

The ATO have asked software developers to build low-cost Single Touch Payroll solutions (less than $10 per month).

Micro employers (1–4 employees) will also have a number of alternate options. One option includes initially allowing your registered tax or BAS agent to report quarterly, rather than each time you run your payroll.

It is expected that a range of simple, low-cost Single Touch Payroll (STP) solutions will be available in the market from early 2019. These will best suit micro employers who need to report through STP, but do not currently have payroll software.

In response to the market request by the ATO, 31 companies have put forward product proposals to offer low-cost STP solutions. The solutions are required to be affordable, take only minutes to complete each pay period and not require the employer to maintain the software.

These solutions may include mobile apps, simple reporting solutions and portals.

The ATO have published a list of the companies intending to offer these solutions.

Griffin & Associates

For more information on how Griffin & Associates can assist with your compliance requirements, visit our Taxation & Compliance page.

Source: Australian Taxation Office