Single Touch Payroll (STP) finalisation due date approaching
Finalise your Single Touch Payroll data by July 14 in
three steps:
Review. Reconcile. Process.
Employers reporting through Single Touch Payroll (STP) need to make a finalisation declaration by the 14th of July.
Unsure how to finalise your STP data? We’ve got you covered.
Here is a step-by-step guide following three steps: Review. Reconcile. Process.
Step 1: Review
Check the Legal/Trading name, ABN and postal address (including postcode) are correct.
Check all employee details are correct.
Check all payroll settings are correct- review earnings and deductions.
Step 2: Reconcile
Check all pay runs for the financial ear have been posted and have a payment date within the financial year.
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.
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
Go to Payroll Menu and select ‘Single Touch Payroll’
Click the finalisation tab and check the tax year is set to the correct financial year.
Check all employees that require STP finalisation are appearing in the list. Also select ‘Show Terminated Employees for RFBA’.
Review each employee’s year to date summary for accuracy, and enter any required Reportable Fringe Benefits Amounts.
Select the employees to finalise and export the data to CSV by clicking Export to CSV (for record keeping).
Click Finalise and submit to ATO.
For more details, see Xero's step-by-step guide here.
If you need help, reach out to our team!