Employers will need to finalise their Single Touch Payroll (“STP”) before the end of July to close out the financial year. Ensure you are prepared for finalisation before following the steps in our short video.
You must perform the STP finalisation process by 31 July.
You cannot submit a payment summary or EMPDUPE file to the ATO.
You will not need to give a payment summary to your employees as employees will receive a notification from MyGov that their data is available. For employees who use a tax agent to file their tax return, their data will be available on the pre-filling report.
What you need to prepare for finalisation
Before you finalise the payroll data, the following need to be completed to ensure the data is correct to submit to the ATO.
- Make sure any pay runs with a payment date in the 2021 financial year are posted and filed.
- Reconcile your payroll activity summary report with the general ledger report and profit & loss statement (refer to table below)
- Reconcile the Payroll Activity Summary report against the Payment Summary details report. If any salary sacrifice or pre-tax deductions have been processed, they need to be deducted from gross wages that show in the activity report.
- Check that the gross wages and tax match the W1 and W2 figures in the BASs which have been submitted for the financial year. Any adjustments can be incorporated into the June BAS which needs to be submitted in July.
If you use another accounting software such as MYOB, or require assistance with your end of year finalisation, contact Angela Stavropoulos or your Pilot Advisor on 3023 1300.