We've reached the end of another financial year. If you are an employer, the new financial year means your finalisation declarations are due very soon. This is done as part of your Single Touch Payroll (STP) reporting. To do this, you will need to provide a finalisation indicator for each employee.

Once you have provided the finalisation indicator for the employee, the data will be available to pre-fill the employee's income tax return and the information will be displayed as 'tax ready' in myGov.

Due dates for the 2019-20 financial year are:

  • 14 July 2020 for employers with 20 or more employees
  • 31 July 2020 for employers with 19 or less employees.

Please be aware, you may be subject to a penalty if you do not make a finalisation declaration by the due date each year, however if you need more time, you can apply for an extended due date to make your finalisation declaration.

If you need help with the process, please feel free to contact us.

For more info: https://www.ato.gov.au/Business/Single-Touch-Payroll/In-detail/Single-Touch-Payroll-employer-reporting-guidelines/?page=7#End_of_financial_year_finalisation_declaration