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  • STP changes the way you finalise your reporting

    24 July 2020

    Reporting through Single Touch Payroll (STP) requires changes to your end-of-financial-year (EOFY) processes.

    You'll no longer need to provide payment summaries to your employees or lodge a payment summary annual report for information you've already reported and finalised through STP.

    Once you finalise, your employees' income statements will display as 'tax ready' in their ATO online account via myGov or through their registered tax agent, and be ready to use in their tax returns.

    You must make a finalisation declaration for each employee after your last payment for the financial year. For the 2019–20 financial year the finalisation declaration deadline is:

    • 31 July if you employ 19 or fewer employees
    • 14 July for businesses with 20 or more employees.

    It's important to remember that:

    • When finalising your 2019–20 STP information, set the date to 30 June 2020. If you don't change the date, the update will apply incorrectly to the 2020–21 financial year.
    • You should use an Update event if you finalised after 30 June 2020.
    • The pay period start and end dates of your employee need to be in the same financial year as the pay/update date.

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