With the end of the 2020 Financial Year having just passed, it is important to remember to finalise your Single Touch Payroll (STP) data.
Employers with 20 or more employees will have until 14 July 2020 to lodge, and employers with 19 or less employees will have until 31 July 2020.
Reporting your finalised data through STP means that you no longer need to provide payment summaries to your employees, or lodge a payment summary annual report.
Important things to remember include:
- Check your payroll report against your Profit & Loss to ensure that the gross wages and superannuation agree to your payroll reports.
- It is also worth checking your wages payable (Balance Sheet) to ensure all wages have been fully paid.
- Before making your finalised declaration, ensure that all information is true and correct. For example, you will need to check your payroll records against your Profit & Loss report amongst others.
- The earlier you finalise your data, the sooner your employees can complete their Tax Returns for 2020.
- If you are unable to lodge your final declaration by the due date, you can apply for a deferral. For more information on this, please see here.
For information on how to lodge, please see the ATO website, or this step-by-step guide for Xero users.
If you would like our assistance finalising your STP data, we are just a phone call away!
