Finalising Single Touch Payroll (STP) is the equivalent of writing up Group Certificates in the “old days”. Here’s how you now do it.
Firstly, at least one pay run needs to be filed using your STP software before you can finalise your STP data for that financial year and it’s important to make all wage payments prior to the end of June 30 so that they will be included in that financial year. Pays recorded in July which include June pay dates aren’t included in the finalised year.
You should fix any incorrect pay runs and check that all pay runs have been accepted by the ATO.
Ensure you have entered all pay runs for the financial year and notified the ATO of any terminated employees. Check the verification report year to date totals in your software against your payroll reports.
Enter any Reportable Fringe Benefit amounts if applicable and check any termination amounts paid to employees.
You need to finalise your STP declaration by the 14th July each year. Once the STP finalisation has been accepted by the ATO you can notify your employees that their Income statements are tax ready. Your employees will then be able to access their Income Statement via their myGov account and lodge their year end tax returns.
Please contact us if you need any assistance in finalising your STP at year end.
Other related blogs:
Single Touch Payroll STP starts for closely held payees from 1 July 2021
Author: Kay Giles Email: kay@faj.com.au
