Two accountants managing Payments with caption Single Touch Payroll Finalisation for the Year

Happy HR New Year – Single Touch Payroll Finalisation for the Year

July 10, 2024

If you are responsible for payroll in your organisation, it’s time to complete Single Touch Payroll finalisation processes for 2023-2024 Financial Year. Remember, it is due by the 14th of July 2024 so that the ATO can pre-populate the income assessments and employees can start to lodge their taxes. 

 

If you are a micro business (1-4 employees) and do payroll manually there are free/low-cost software options for this process. The ATO has recently updated their list.

 

While steps may vary depending on your size and STP system, our top tips are: 

  • Confirm the information from payroll is transferring across correctly 
  • Double check your pay categories / codes are correctly mapped  
  • If you’ve recently moved to Stage 2 STP reporting, make sure you’ve included figures from your information stored in your Stage 1 STP or manual processes so the full financial year in reported 
  • If anyone has been terminated or resigned, ensure that the last date of service is accurately captured 
  • Separate allowances from ordinary salary 
  • Make sure your allowances are correctly coded. It is more complex, with more categories, than before. 
  • If any of your employee’s salary sacrifice into Superannuation, take time to confirm it is not going into Superannuation Guarantee amounts.  

 

Payroll is complex, but with the right support it doesn’t have to be. Reach out with questions and we’ll help guide you on the way. Call us on +1 300 474 672 or email us at info@impacthr.com.au 

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