Finalising Your Single Touch Payroll
As an employer, you are obligated to report the wages you pay to your employees to the ATO. You would have noticed that in the past year you would be using Single Touch Payroll (STP) to do this.
At the end of the financial year, once all your pay runs have been completed, you are required to finalise your STP.
If you have 19 employees or less, you must finalise your STP by July 14.
If you have 20 or more employees, then you must finalise your STP by July 31.
Note: you need to ensure that all your pay runs have been filed before you begin the process of finalisation.
To finalise your STP
For those who use Xero
- In the Payroll menu, select Single Touch Payroll, then select the Finalisation tab which is next to the Overview tab
- Select the checkbox next to an employee’s 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.
When you finalise your STP data and send it to the ATO, it can take up to 72 hours for the status in Xero Payroll to update.
For those who use MYOB
- Go to the Payroll menu and choose Payroll Reporting.
- Click the EOFY Finalisation tab and choose the Payroll year you’re finalising.
- Select each employee you want to finalise, then click Set as Final.
- Enter your name and click Send.
Each employee that has been finalised will have the Final indicator ticked.
When you have successfully finalised your STP, your employees can log into their myGOV accounts to view their information.
If they need help with this, the link below has steps and a video to help with setting up their MyGov account.