Single Touch Payroll (STP) finalisation due date is fast approaching

Are you unsure how to finalise your STP data? We’ve got you covered.

This process must be completed by the 12th of July 2024 and to help you finalise this, follow these three steps:

Step 1: Review

1. Check the Legal/Trading name, ABN and postal address (including postcode) are correct.

2. Check all employee details are correct.

3. Check all payroll settings are correct- review earnings and deductions.

Step 2: Reconcile

1. Check all pay runs for the financial ear have been posted and have a payment date within the financial year.

2. Check all wages have been paid through the business bank account and all payroll related transactions such as wages, PAYG and superannuation have been reconciled against the bank statement.

3. Run Payroll Activity Summary reports and General Ledger reports to check that the Wages, Allowances and Superannuation on the General Ledger Reports agree to the Payroll Activity Summary Report.

Step 3: Process

1. Go to Payroll Menu and select ‘Single Touch Payroll’

2. Click the finalisation tab and check the tax year is set to the correct financial year.

3. Check all employees that require STP finalisation are appearing in the list. Also select ‘Show Terminated Employees for RFBA’.

4. Review each employee’s year to date summary for accuracy and enter any required Reportable Fringe Benefits Amounts.

5. Select the employees to finalise and export the data to CSV by clicking Export to CSV (for record keeping).

6. Click Finalise and submit to ATO.

For additional information, XERO has create the ultimate EOFY Payroll checklist;

https://xero.app.box.com/v/guide-to-EOY-payroll-fy22

If you would like our office to process the above for you, please reach out to your

Fenwick contact person and we can provide a quote.