STP Finalisation
Single Touch Payroll (STP) changes how you report end of financial year (EOFY) information to your employees and the ATO. You must complete a ‘finalisation declaration’ for your employees’ 2020 EOFY payroll information through your STP-enabled payroll software after your last pay run for the financial year. If you have what we call ‘closely held (related) payees’, you may have a later due date for those closely held payees only. | ||
What you need to do | ||
1. Reconcile your payroll records. 2. Complete your finalisation declaration by 31 July 2020. 3. Tell your employees: | ||
| ||
| ||
| ||
| ||
| ||
You no longer need to provide your employees with a payment summary or lodge a payment summary annual report to the ATO for payments reported through STP. If you discover a mistake after you’ve finalised, correct this in your STP-enabled software.
If you’d like more information about STP enabled software, give us a call.
Make sure to connect with us on social media.
|