Almost Time to Finalise Single Touch Payroll for 2020!
Another End Of Financial Year is upon us! This means that once you have run your last pay run for the 2020 financial year, it is time to finalise payroll. Now that you are reporting under the Single Touch Payroll (STP) system, you need to complete the STP finalisation process in your software, rather than preparing year end payment summaries (group certificates).
If you employ 19 or less employees, this process needs to be completed by the 31st of July, and for those with 20 or more employees, finalisation is due by the 14th July. Once this is done, let your employees know that their wage information will be available in their My Gov accounts and they won’t receive payment summaries as they have previously.
Please note, it is recommended that you check the information on your payroll summary report to make sure it is correct and that it matches to the wage and super figures reported in your profit and loss, before finalising payroll for the year.
Please find your software from the below list and click on the corresponding link to access finalisation instructions. If your software is not listed, please follow the prompts within your software or contact your software provider.