Complete STP Finalisation (EOFY)
At the end of each financial year, employers must complete STP Finalisation to notify the ATO that their payroll reporting is complete.
Once finalised, your employees' Income Statements will be marked as Tax Ready in myGov. You no longer need to issue Payment Summaries or Group Certificates.
ATO Deadline: Complete STP Finalisation by 14 July. |
Before You Begin
Before finalising, make sure you have:
Published and filed all pay runs for the financial year.
Paid all employee wages.
Entered any Reportable Fringe Benefits (RFBA), if applicable.
Reviewed your payroll reports to ensure the Year-to-Date (YTD) figures are correct.
How to Finalise Employees
Go to Reports > Finalisation.
Select the relevant financial year.
Select the employee(s).
Click Finalise.
Enter your name.
Accept the declaration.
Click File To ATO.
Finalisation Status
The employee status will change as follows:
Not Final → Submitted → Final |
Once the status changes to Final, the employee's Income Statement will become Tax Ready in myGov.
Amendments to employee pay values after finalisation
Any amendments or additions done to employee pay values after finalising within the same financial year will impact the status of the employee. All the amendments within the same financial year will need to be updated to ATO by finalising the employee again.
Please refer to the article link below to amend employee pay values after finalisation: http://support.payroo.com.au/en/articles/4171253-adjust-previous-payroll-payments
Employee MyGov portal
The status of the employee's income statement in MyGov changes to Tax ready so they can pre-fill and lodge their tax returns. Hence you as an employer are not liable to produce Group certificates or Payment summary reports to individual employees anymore.
Refer to the link below for more information from the ATO:
If you have any questions or feedback, please let us know support@payroo.com.au