STP End of year Finalisation 

OVERVIEW

This process is for staff on the payroll.

It does not include TALENT PAYG end of year process.  

Note: If employees have reportable FBT, please add the amount to their employment record. Refer to section on processing FBT

1.    Set up a summary SBR/STP Reconciliation Report (in payroll reports)  - use to reconcile totals and identify course of any discrepancy

2.     Set up a “detailed” SBR/STP Reconciliation Report (in payroll reports) - use to review reason for discrepancy at employee level

3.    Prepare an “Update” file in SBR / STP and make end of year finalisation declaration to the ATO

4.     Set up SBR/STP window

5    Reconcile SBR to payroll reports

6.     Reconcile GL Expense accounts (Salary and Super)

7.    Reconcile Balance sheet accounts. (Payroll clearing, PAYG Paid, PAYG Accrued, Super payable)

8.     Reconcile Amounts reported in W1 and W2 in BAS and IAS statements

Note Annual payment summaries are not required.

Step 1 Set up a summary SBR/STP Reconciliation Report (in payroll reports)

Step 1.1  Click Reports / Payroll Reports

Step 1.2  Select “Payslip Listing”

Step 1.3  Select Report Layout for “summary” report.

This is a useful when reconciling totals with the SBR. It helps in identifying sources of discrepancies.

Step 1.4  Name and save report as “SBR Payroll Summary Reconciliation report”

Step 2  Select  Report Layout for “detailed report”

Step 2.1  Select Following options and create report

Step 2.2  Save and name report set “SBR/STP Detail Reconciliation report

Step 3: Prepare an “Update” file in SBR / STP and make end of year finalisation declaration to the ATO

Step 3.1 Click on “Payroll / Single Touch Payroll

Step 3.2 Click on “New Update”

Step 3.3  Enter New YTD date

New YTD date:   This date must be a past date. Meaning that the a file dated 30th of June must be done on the 1st of July. A year end file can be dated prior to 30th June.  Select employees for whom you wish to send up-to-date YTD figures, and prepare update.

Step 3.4 Make Finalisation Declaration

Finalisation declaration can be made at any time during the financial year (or until the 14th July).  If finalisation occurs part way through the financial year, the employee pre-fill Income statement will not be available in myGov until the end of the financial year.

Make finalisation declaration  by Selecting “set as final figures for the financial year” and “Include employees previously finalised in this financial year”.

If a payment is made after the finalisation declaration, the employer should consider:

- if it is a one off payment – they will need to make another finalisation declaration when they report that payment

- if they expect to make another payment, they unselect the finalisation indicator and wait until the end of the financial year to make the finalisation declaration.

Select Employees only  Right click and select all employees, including inactive. Untick Freelancer and Talent (If required) as there is a separate year end process for these address book types.

Step 4. Set up SBR/STP window Add columns to the SBR/STP window. Only add columns which are relevant to your payroll.

- If you have paid out allowances through out the year. Add the allowance columns

- If you paid out ETPs during the year add the ETPs columns

- If you have paid out a lump sum amount add the columns

Step 5 Reconcile SBR to payroll reports

The gross reported in the SBR has to be reconciled with the payroll reports from JobBag. An example of the reconciliation process is as follows:

Step 6  Reconcile Payroll reports to GL Expenses Accounts

 Step 7 Reconcile Balance sheet accounts. (Payroll clearing, PAYG Paid, PAYG Accrued, Super payable)