EOFY is nearly here and to make this time easier for you, below are the steps to finalise your year-end payroll.
1. After you have processed the final wages for the year, in the Single Touch Payroll form, tick the Final Event Indicator (termination pays will automatically be ticked) checkbox.
2. Ensure that the Payment Date under STP Values is correct.
3. Select [New File] as the Lodgement File Type.
4. Type your name in the declaration section, tick the authorisation box and either [Validate] or [Send] the lodgement.
5. You can check the status of the lodgement by selecting [Other Functions], then [History]. To verify the pays, you need to log into the ATO portal.
Note: If you need to correct a pay after you have lodged it, delete and redo the pay, then send it as an update, only last pay can be sent as replacement. For duplicate pay – do a $0 pay and send as an update.
6. The last step is to start a new financial year. To do this, in Wages, go to [Tools] in the top left, select [Financial Year], [Start New] and [Save].