STP Finalisation:
Are you in need of assistance in completing your STP data?
This task must be finalized by July 12, 2024. To assist you in completing this, please follow the following three steps:
Step 1: Conduct a thorough review.
- Please ensure that the Legal/Trading name, ABN, and postal address (including postcode) are accurate and up to date.
- Please verify that all employee information is accurate.
- Please ensure all payroll settings are accurate by reviewing earnings and deductions.
Step 2: Perform reconciliation.
- Please ensure that all pay runs for the current fiscal year have been processed and scheduled for payment within the same fiscal year.
- Please ensure that all employee wages have been processed through the business bank account and that all payroll transactions, including wages, PAYG, and superannuation, have been accurately reconciled with the bank statement.
- Please generate Payroll Activity Summary reports and General Ledger reports to verify the accuracy of wages, allowances, and superannuation amounts between the two reports.
Step 3: Execution or Processing.
- Please navigate to the Payroll Menu and choose the option for ‘Single Touch Payroll’.
- Please navigate to the finalization tab and verify that the tax year is aligned with the appropriate financial year.
- Please ensure that all employees who need STP finalisation are included in the list. Additionally, please select the option to display terminated employees for RFBA.
- Please thoroughly examine each employee’s year-to-date summary for accuracy and input any necessary Reportable Fringe Benefits Amounts.
- Please choose the employees for finalization and export the data to CSV by selecting “Export to CSV” for record-keeping purposes.
- Please select “Finalise and submit to the Australian Taxation Office” option.
Credits:
Naveen A
Services Management Team
