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Terry_W's avatar
Terry_W
Experienced Cover User
5 years ago
Solved

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
    5 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.