Forum Discussion

Terry_W's avatar
Terry_W
Experienced Cover User
6 years ago

Roll Over Payroll Year before finalising STP?

Hi all,   I have two questions here:   Firstly, can I roll over the payroll year before finalising STP i.e. sending the confirmed figures to the tax office? As the instruction video said we can d...
  • Theresa_D's avatar
    Theresa_D
    6 years ago

    Hi Terry_W 

     

    Thanks for your post.  Yes, you can roll over the payroll year after you’ve finished payment summaries and before the first pay in July.  Once you’ve rolled over the year, install the compliance update and then load the new tax tables.  The finalisation can occur afterwards.  You will need to back up your company file to refer back to this data. Make sure you can identify and find the file name for easy lookup when you need it. See the ATO links Finalising your Single Touch Payroll Data and End-of-year finalisation through Single Touch Payroll for additional information. 

     

    Since you're on AccountRight I'll link some handy videos for EOFY including: 

    End of Year Finalisation with STP 

    Preparing Payment Summaries in AccountRight & AccountEdge

    A quick guide to an easy EOFY in MYOB AccountRight & AccountEdge

     

    For your second question, if you are already reporting through STP you will need to have the correct figures sent to the ATO through STP.  If the employee was finalised prior to STP reporting then they will receive a payment summary and can complete in myGov. To correct the figures you can make the employee active and do a $0 pay run to create an update pay event that will send to the ATO. 

     

    I hope this clarifies.  If this resolves your inquiry please mark "Accept as Solution" so other users can find this post easier.  Let me know how you go with this. 

Theresa_D's avatar
Theresa_D
Former Staff

Hi Terry_W 

 

Thanks for your post.  Yes, you can roll over the payroll year after you’ve finished payment summaries and before the first pay in July.  Once you’ve rolled over the year, install the compliance update and then load the new tax tables.  The finalisation can occur afterwards.  You will need to back up your company file to refer back to this data. Make sure you can identify and find the file name for easy lookup when you need it. See the ATO links Finalising your Single Touch Payroll Data and End-of-year finalisation through Single Touch Payroll for additional information. 

 

Since you're on AccountRight I'll link some handy videos for EOFY including: 

End of Year Finalisation with STP 

Preparing Payment Summaries in AccountRight & AccountEdge

A quick guide to an easy EOFY in MYOB AccountRight & AccountEdge

 

For your second question, if you are already reporting through STP you will need to have the correct figures sent to the ATO through STP.  If the employee was finalised prior to STP reporting then they will receive a payment summary and can complete in myGov. To correct the figures you can make the employee active and do a $0 pay run to create an update pay event that will send to the ATO. 

 

I hope this clarifies.  If this resolves your inquiry please mark "Accept as Solution" so other users can find this post easier.  Let me know how you go with this. 

Terry_W's avatar
Terry_W
Experienced Cover User
6 years ago

Hi Theresa,

 

Thanks for your help but I just need to confirm the following:

 

For my first question, the answer is to roll over the payroll year and do a back up, and then I use the back up file to finalise the STP report, which means I cannot do that in the live file which has been rolled over;

 

For my second question, the error was incurred after we start using STP. Based on your suggestion, I have reversed the reversal journal, and did a pay run to report negative figures for that employee and back dated the report to the original payment date. The pay run had been submitted to the tax office but has not shown up on the Payroll Reporting Centre Reports list yet.

 

So I will presume I can go back to the back up file a couple days later and finalise the STP on that file, while not worrying about my live file anymore. Is that correct?

Looking for something else?

Search the Community Forum for answers or find your topic and get the conversation started!

Community home

Dig into MYOB Academy for free courses, learning paths and live events to help build your business with MYOB.