Single Touch Payroll finalisation is due by 14th July 2022. By finalising STP, your employee’s PAYG Payment Summaries will become available to them so they are able to lodge their tax returns.
We recommend that you run a few checks and balances prior to completing this finalisation in your cashbook file.
- Finalise all pay runs for the year
- Code all payroll entries in your bank feed
- Ensure Payroll Clearing Account on your Balance Sheet comes back to NIL (that is you have paid all your wages as per your pay runs)
- Run reports for the whole financial year and check
- Payroll Activity Summary
- Profit & Loss
- W1 (Employee activity Summary) = Wages Expense (Profit & Loss) = Gross Wages W1 (as per your BAS lodgements)
- W2 (Employee activity Summary) = PAYGW W2 (as per your BAS lodgements)
- Finalise your Single Touch Payroll for the Tax Year as per your cashbook files processes
For those of you who use Xero, they have released a helpful checklist to guide you through the STP Finalisation process.
UNIQsol are here to help you with this process. If you have any questions, please do not hesitate to contact our office 07 4192 8900