Undo Single Touch Payroll end of Year Finalisation
I've picked up that our 2022/2023 payroll had an employee deduction as "Not Reportable" when it should have been "Other EMployee Benefit".
Staff who have had this deduction taken have therefore paid less tax. When they are lodging their tax their salary deduction isn't being accounted for and are therefore getting tax bills.
How do I correct this for a previous financial year that has been finalised.
I'm a bit nervous to undo the finalisation and the ramifications this might have. Although when I contacted the ATO they said to check with MYOB about doing just that.
Should I select affected employees and undo their finalisation, run an update event now that the correct category has been selected, and then re-do their finalisation? Will this correct it. Then they will need to re-subit their tax returns?
And help and advice would be appreciated.