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Finalise Your Payroll With STP
June 29, 2020
STP changes the way you finalise your reporting
Reporting through Single Touch Payroll (STP) requires changes to your end-of-financial-year (EOFY) processes.
You'll no longer need to provide payment summaries to your employees or lodge a payment summary annual report for information you've already reported and finalised through STP.
Advise your employees you won’t be giving them a payment summary because they will now get their new income statement in their ATO online account via myGov or through their tax professional.
Encourage your employees to check their personal details with you and in ATO online via myGov. Out-of-date or incorrect details may prevent their information from appearing in their ATO online account.
You must make a finalisation declaration for each employee after your last payment for the financial year. For the 2019–20 financial year the finalisation declaration deadline is:
- 31 July if you employ 19 or fewer employees
- 14 July for businesses with 20 or more employees.
The sooner you finalise, the sooner the income statement will display as 'tax ready' in your employees’ ATO online accounts and be ready to use in their tax returns.
If you have ‘closely held (related) payees’, you may have a later due date for those payees.
Before you finalise, be sure that all pays are completed and your Payroll Clearing or Wages Payable liabilities are zero.
Happy Holidays to our valued clients. We wish you health, happiness, and new beginnings for the year ahead.
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