Single Touch Payroll (STP) Finalisation
Payment summaries and group certificates are a thing of the past now! Employers do not have to send payment summaries or group certificates to their employees anymore. STP way of reporting makes it easy for employers by updating employee myGov account directly with the final financial year details. All you have to do is go to the Finalisations section on our Reports page, select the employees that you want to finalise, and click on the "Finalise" button.
Step 1: Go to 'Reports' and click on the 'Finalisations' tab.
The current financial year is auto-selected in the tax year filter by default.
Both "Active" and "Terminated" employees are selected in the status filter by default.
Step 2: Check the box next to "Employee Name" to select all employees at once.
Note: You can choose each employee individually if you want to finalise only 1 or a few of the employees by checking the box next to the employee name.
Step 3: Click on the "Finalise" button, at the bottom right-hand corner.
Step 4: Enter "Your Name" and check the box to select that you are authorised to declare that the information submitted is true and correct.
The status of all the employees who have been finalised successfully will update to "Final" whereas others stay as "Not Final".
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: https://app.intercom.com/a/apps/zpfhadrm/articles/articles/4171253/show
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 below links for more information from ATO:
If you have any questions or feedback, please let us know at firstname.lastname@example.org