End of year STP reporting and closing a payroll year end
Hello.
I wanted to check under STP if I still need to close the payroll year in MYOB after the final payment is processed, or if I just continue to process and report payroll under STP but just upload the new tax tables?
I'm confused as although STP makes it easier to report the final payments to the ATO (required by 31 July), it seems that I still need to do all the year end payroll processes in MYOB (including preparing payment summaries) immediately at the year end even though they will go nowhere.
If you could clarify that would be great, thank you
Hi TrevorB1
In MYOB you cannot process payroll after 30 June unless you 'Close the Payroll Year'. STP does not change this. STP simply means you don't have to issue Payment Summaries or upload an empdupe file. You should still make sufficient checks and reconciliations to ensure what you have reported via STP is in fact correct. Once you have done this, you can issue a Final indicator via STP. Then you can change the payroll year and process July payroll.
MYOB will no doubt publish and EOY guide to step you through exactly what you need to do.
Regards
Gavin
