STP Finalisation Declaration
At the conclusion of each financial year employers are required to finalise their Single Touch Payroll (STP) data by submitting a declaration via your payroll software. There are 2 due dates, and your due date depends on whether you have arms-length and more than 20 closely-held employees or less than 20 closely-held employees. The due date for most employers is 14 July each year, with closely-held employees STP due by 30 September.
Once you successfully submit this finalisation declaration, the ATO notifies your employees, via myGov that their income statement is 'tax ready', which allows them to submit their personal tax returns. You are no longer required to provide paper-based payment summaries to your employees.
It is important to make this annual finalisation declaration so that your employees can be confident they are using accurate and complete information for their income tax return.
Contact us if you require assistance with your STP finalisation declaration. For detailed information on your obligations around end of year finalisation through STP visit the ATO's STP information centre here.