|End-of-year finalisation through STP
Employers reporting through Single Touch Payroll (STP) need to make a finalisation declaration by 14 July each year.
Making a finalisation declaration
You need to make a finalisation declaration by 14 July each year to ensure your employees can access their finalised information to complete their tax return.
If you can’t make a finalisation declaration on or before the due date, you will need to apply for a deferral.
This finalisation process is explained in detail in the STP employer reporting guidelines for STP employer reporting guidelines for phase 1 and STP employer reporting guidelines for phase 2. This includes making amendments for current and previous financial years.
When you have reported and finalised your employees’ information through STP, you are exempt from:
· providing payment summaries to your employees
· lodging a payment summary annual report.
For payments to your employees that were not reported through STP, you still need to:
· give a payment summary to your employees
· provide the ATO with a payment summary annual report for these payment summaries.
Old reports are now outdated and Xero can no longer technically support them on their platform.
We urge you to start using new reports now, so there is no disruption to your work when older versions are retired. Remember: these changes mean you’ll need to do your month-end reporting for July 2023 in new reports.
What’s going to happen from 31 July 2023 at 4am AEST
· You will have read-only access to old published and archived reports
· You won’t be able to run old reports
· Any saved drafts of old reports will be removed from Xero
· You will not be able to create or edit old report packs in Xero HQ
· There are some reports that won’t be retired on this date, as Xero are upgrading them in a different way or at a later date (see the full list on Xero Central)
What you need to do now
For further information please click here
If you have any questions or concerns, please get in touch!