End of Financial Year Single Touch Payroll Finalisation
Before 30 June 2020
- Pay Superannuation Guarantee (SG) to obtain a tax deduction in this financial year (even though it isn't due until 28 July 2020).
- Make additional superannuation contributions up to your cap.
- Pay director's fees or dividends.
- Pay staff bonuses.
- Adjust owner's wages.
Before 31 July 2020
- Prepare the STP finalisation declaration and send to the ATO.
- 20 employees or more by 14 July 2020.
- 19 employees or less by 31 July 2020.
- STP Finalisation Declaration has replaced the need to produce Payment Summaries for employees. The information that was provided on the Payment Summaries is available in the employees' myGov account and is known as an Income Statement. If an employee doesn't have a MyGov account, their accountant will be able to access this information via the Tax Agent portal.
- Pay Superannuation Guarantee (SG) for the quarter ended 30 June 2020 by 28 July 2020 (if you didn't pay before 30 June to get a tax deduction in the 2019/2020 year).
Click to go to your payroll software:
If you have 20 or more employees, you need to finalise your STP information by 14 July 2020.
If you have 19 or less employees, you need to finalise your STP information by 31 July 2020.
You will have to lodge your last pay of the financial year just like any other regular pay. As per strict instructions from ATO, users are requested to not use both Empdupe and STP to lodge same employee's data as it doubles up the pay details at ATO's end. If you have used STP for any employee, then it is recommended to use STP to lodge final pay details of all employees to ATO.
Once you have lodged the last pay via Reckon GovConnect successfully, only then will you Finalise STP.
Summary of steps
- Enter all pays up to 30 June 2020. If a pay period spans the payroll year, it's the payment date that determines which payroll year it belongs to.
- Print the Payroll reports for the year.
- Check the year-to-date amounts you've sent to the ATO for the payroll year.
- Finally, let the ATO know you're done for the year by finalising your Single Touch Payroll information.
- When you have finalised, your employee's Income Statement at myGov will be marked as Tax Ready and they will be able to complete their annual tax return.
- Employees > Process Single Touch Payroll
- From the Pay Event drop down, select Finalise Year
- Select the relevant financial year
- Click Select All
- Click Export
- Submit to Reckon GovConnect and lodge to ATO as you would normally
- You will see Update Event = Yes. Click the Detail link and you will see Final Event = Yes. Once you have completed this task, your ATO finalisation requirements for STP will be complete for the financial year.
- The status of the employee's income statement in myGov changes to Tax ready so they can pre-fill and lodge their tax return.
For more information please see https://help.reckon.com/article/zln8k3u29s-finalise-year
Reckon Accounts/Hosted 2019 R2
If you have 20 or more employees, you need to finalise your STP information by 14 July 2020.
If you have 19 or less employees, you need to finalise your STP information by 31 July 2020.
You will have to lodge your last pay of the financial year just like any other regular pay. As per strict instructions from ATO, users are requested to not use both Empdupe and STP to lodge same employee's data as it doubles up the pay details at ATO's end. If you have used STP for any employee, then it is recommended to use STP to lodge final pay details of all employees to ATO.
Once you have lodged the last pay via Reckon GovConnect successfully, only then will you Finalise STP.
Summary of steps
- Enter all pays up to 30 June 2020. If a pay period spans the payroll year, it's the payment date that determines which payroll year it belongs to.
- Print the Payroll reports for the year.
- Check the year-to-date amounts you've sent to the ATO for the payroll year.
- Finally, let the ATO know you're done for the year by finalising your Single Touch Payroll information.
- When you have finalised, your employee's Income Statement at myGov will be marked as Tax Ready and they will be able to complete their annual tax return.
- Employees > Process Single Touch Payroll
- Click Finalise Year
- Select the relevant financial year
- Click Select All
- Click Lodge
- Submit to Reckon GovConnect and lodge to ATO as you would normally
- You will see Update Event = Yes. Click the Detail link and you will see Final Event = Yes. Once you have completed this task, your ATO finalisation requirements for STP will be complete for the financial year.
- The status of the employee's income statement in myGov changes to Tax ready so they can pre-fill and lodge their tax return.
If you have 20 or more employees, you need to finalise your STP information by 14 July 2020.
If you have 19 or less employees, you need to finalise your STP information by 31 July 2020.
You will have to lodge your last pay of the financial year just like any other regular pay. As per strict instructions from ATO, users are requested to not use both Empdupe and STP to lodge same employee's data as it doubles up the pay details at ATO's end. If you have used STP for any employee, then it is recommended to use STP to lodge final pay details of all employees to ATO.
Once you have lodged the last pay via Reckon GovConnect successfully, only then will you Finalise STP.
Summary of steps
- Enter all pays up to 30 June 2020. If a pay period spans the payroll year, it's the payment date that determines which payroll year it belongs to.
- Print the Payroll reports for the year.
- Check the year-to-date amounts you've sent to the ATO for the payroll year.
- Finally, let the ATO know you're done for the year by finalising your Single Touch Payroll information.
- When you have finalised, your employee's Income Statement at myGov will be marked as Tax Ready and they will be able to complete their annual tax return.
- Payroll > Single touch payroll (EOFY)
- Click Add
- Select the relevant financial year and click Add single touch payroll (EOFY) report
- Click the line entry to display details of the employees including YTD Gross and PAYG amounts
- When you have reviewed the data, submit to Reckon GovConnect for final review and processing by clicking Send to GovConnect STP . This will be sent as an update event rather than a new payrun, as it is a finalisation report
- Click Launch GovConnect STP and submit this report as you would normally. Once you have completed this task, your ATO finalisation requirements for STP will be complete for the financial year.
- The status of the employee's income statement in myGov changes to Tax ready so they can pre-fill and lodge their tax return.
For more information please see https://help.reckon.com/article/8sboxctof1-processing-eofy
If you have 20 or more employees, you need to finalise your STP information by 14 July 2020.
If you have 19 or less employees, you need to finalise your STP information by 31 July 2020.
You will have to lodge your last pay of the financial year just like any other regular pay. As per strict instructions from ATO, users are requested to not use both Empdupe and STP to lodge same employee's data as it doubles up the pay details at ATO's end. If you have used STP for any employee, then it is recommended to use STP to lodge final pay details of all employees to ATO.
Once you have lodged the last pay via Reckon GovConnect successfully, only then will you Finalise STP
Summary of steps
- Enter all pays up to 30 June 2020. If a pay period spans the payroll year, it's the payment date that determines which payroll year it belongs to.
- Print the Payroll reports for the year.
- Check the year-to-date amounts you've sent to the ATO for the payroll year.
- Finally, let the ATO know you're done for the year by finalising your Single Touch Payroll information.
- When you have finalised, your employee's Income Statement at myGov will be marked as Tax Ready and they will be able to complete their annual tax return.
- Reports > Single Touch Payroll
- Click End of Financial Year
- Select the relevant financial year and click OK
- Once you click OK another dialog will appear asking where you would like to save the end of financial year STP report to. Select the folder, and the report will be saved for upload.
- The report generated is the same as an Update Event report, however every employee will be set to true for their Final Event, which will complete the requirements of finalisation for end of year with the ATO.
- The status of the employee's income statement in myGov changes to Tax ready so they can pre-fill and lodge their tax return.
For more information please see https://help.reckon.com/article/vh3wdpyco1-processing-eofy
If you have 20 or more employees, you need to finalise your STP information by 14 July 2020.
If you have 19 or less employees, you need to finalise your STP information by 31 July 2020.
You will have to lodge your last pay of the financial year just like any other regular pay. As per strict instructions from ATO, users are requested to not use both Empdupe and STP to lodge same employee's data as it doubles up the pay details at ATO's end. If you have used STP for any employee, then it is recommended to use STP to lodge final pay details of all employees to ATO.
Once you have lodged and declared the last pay for the year successfully, only then will you Finalise STP.
Summary of steps
- Enter all pays up to 30 June 2020. If a pay period spans the payroll year, it's the payment date that determines which payroll year it belongs to.
- Print the Payroll reports for the year.
- Check the year-to-date amounts you've sent to the ATO for the payroll year.
- Finally, let the ATO know you're done for the year by finalising your Single Touch Payroll information.
- When you have finalised, your employee's Income Statement at myGov will be marked as Tax Ready and they will be able to complete their annual tax return.
- Payroll > Payroll Reporting > Payroll Reporting Centre
- Click the EOFY Finalisation tab
- Select the relevant Payroll year
- If you need to report fringe benefits for an employee
- Click the ellipsis button for the employee and choose Enter RFBA
- Enter in both the:
- Reportable fringe benefits amount $
- Reportable fringe benefits amount exempt from FBT under section 57A $. The combined value of these must be above the thresholds set by the ATO
- Click Add amounts
- Select each employee you want to finalise, then click Set as Final
- Enter the name of the Authorised sender and click Send
- Each employee that has been finalised will have the Final indicator ticked in the payroll reporting centre. This completes the requirements of finalisation for end of year with the ATO.
- The status of the employee's income statement in myGov changes to Tax ready so they can pre-fill and lodge their tax return.
For more information please see:
About checking YTD totals
Finalising your Single Touch Payroll information
End of year finalisation with Single Touch Payroll reporting
If you have 20 or more employees, you need to finalise your STP information by 14 July 2020.
If you have 19 or less employees, you need to finalise your STP information by 31 July 2020.
You will have to lodge your last pay of the financial year just like any other regular pay. As per strict instructions from ATO, users are requested to not use both Empdupe and STP to lodge same employee's data as it doubles up the pay details at ATO's end. If you have used STP for any employee, then it is recommended to use STP to lodge final pay details of all employees to ATO.
Once you have lodged and declared the last pay for the year successfully, only then will you Finalise STP.
Summary of steps
- Enter all pays up to 30 June 2020. If a pay period spans the payroll year, it's the payment date that determines which payroll year it belongs to.
- Print the Payroll reports for the year.
- Check the year-to-date amounts you've sent to the ATO for the payroll year.
- Finally, let the ATO know you're done for the year by finalising your Single Touch Payroll information.
- When you have finalised, your employee's Income Statement at myGov will be marked as Tax Ready and they will be able to complete their annual tax return.
- Payroll > Single Touch Payroll, then select the Finalisation tab
- Click the menu icon
to the right of an employee's name, then select Edit
- Review the employee's year-to-date summary
- (Optional) Add a Reportable fringe benefits amount
- (Optional) Add a Reportable fringe benefits amount, exempt.
- If you add an RFBA, Xero submits it the next time you file with the ATO. For example, Xero will submit the RFBA if you file a pay run with STP before finalising the data
- Click Save , or Save and next to repeat the process for your next employee
- (Optional) Toggle the Show employees terminated this FBT year switch to show more employees
- Check that the lump sums are reporting correctly, and if required adjust the lump sum value for unused leave
- To finalise data for individual employees, select the checkbox next to their name. To finalise data for all employees, select the Employees checkbox at the top of the table
- Click Finalise and submit to the ATO
- Select the checkbox to authorise the file, then click Submit to ATO
- This completes the requirements of finalisation for end of year with the ATO
- The status of the employee's income statement in myGov changes to Tax ready so they can pre-fill and lodge their tax return.
For more information please see https://central.xero.com/s/article/Finalise-Single-Touch-Payroll-data
