Single Touch Payroll (STP) brings the benefit of not having to provide employees with Payment Summaries or submit a Payment Summary Annual Report (PSAR) file to the ATO. Instead the user is required to run a Final Event when the financial year is complete to inform the ATO that the company has finalised and confirmed the figures for the employees.
31st July – Final Event must be processed by this date if this is the first year submitting via STP
14th July – Final Event must be processed by this date for every other year if submitting via STP
End of Financial Year Process
To action this in CloudPayroll, please complete the following:
- Log into CloudPayroll.
- Go to Tax > STP Update/Final Event.
- In the For Tax Year field, select the correct tax year.
- Click the Go button.
The page now displays all employees processed through CloudPayroll for the nominated tax year.
- Under the Final event for tax year? column, select the employees to process.
Note: You can select all by ticking the top box.
Important: The employees to be processed must contain a tick in both boxes:
- ‘Include in update’, and
- ‘Final event for tax year?’.
- Click the Process Update Event button.
- Read the declaration:
- Click the Submit button.
- Ensure you see the 'Success Message' at the top of the page:
Your Final Event has now been completed. Your employees will be able to view finalised figures from within their myGov account.