STP Finalisation

As the end of the financial year approaches, many business owners are starting to think about their key ATO obligations. One that's definitely on the radar is Single Touch Payroll (STP) Finalisation. It's an important step to ensure your payroll reporting is squared away for the year.

What Exactly is STP Finalisation?

Simply put, STP Finalisation is when you confirm to the ATO that all your payroll information reported through STP for the financial year is complete and correct. This official sign-off means your employees can then access accurate income statements to help them prepare their tax returns.

Key Deadline: When is it Due?

For most employers, the deadline for the STP Finalisation declaration is 14 July each year.

However, it's worth noting that business situations can vary. For instance, if you have 20 or more employees, or if you have 'closely held payees' (such as family members involved in the business or directors), the deadline that applies to you might be different. Understanding your specific due date is important for staying compliant.

Why is STP Finalisation Important?

Getting your STP Finalisation done on time and accurately matters for several reasons:

• For Your Employees: It allows them to access their 'tax ready' income statements through myGov without delay, so they can lodge their tax returns.
• For ATO Compliance: Meeting this deadline helps you stay on the right side of the ATO and avoid potential issues or penalties.
• For Your Records: It’s a good opportunity to make sure your payroll data is accurate, which is essential for your business records.

A Few Tips to Get Ready

While the process can seem detailed, a little preparation goes a long way:

• Review your pay runs for the financial year.
• Cross-check your payroll reports with your general ledger if possible.
• Check that key employee details (like TFNs and addresses) are current.
• Be prepared to submit your finalisation declaration using your STP-enabled software.

Need a Hand with STP Finalisation?

We understand that navigating payroll obligations, especially with deadlines and specific requirements, can be a bit much on top of everything else you do.

At Invigor8, helping businesses with these processes is a core part of what we do. We can assist in making sure your payroll is compliant and runs efficiently, freeing you up to focus on your business.

If you'd like support with your STP Finalisation or have any questions about your payroll as we approach the end of the financial year, please feel free to get in touch.

We're here to help make your EOFY reporting a smoother process.