End of Financial Year Process

To support you to be ready for processing financial year end under Single Touch Payroll (STP) we’re providing this guide to help you through the process.

Below is a list of key areas that you should review before finalizing financial year end this year.

1. Reportable Fringe Benefit (RFB)

2. Data Integrity

3. Data Reconciliations

4. STP Finalisation Process

5. Dealing with Employee Questions

Key Dates

All Single Touch Payroll clients must provide the final event indicator for all employees by the statutory due date.

For the 2023-24 financial year:

You can make a finalization declaration for an employee any time during the financial year (for example, for employees who have ceased employment),

or after the end of the financial year up to 14 July 2024.

You may be subject to a penalty if you do not make a finalisation declaration by 14 July each year. If you need more time, you may wish to apply for an extended due date to make your finalization declaration.

As always, this information has been provided based on sources current at the time of writing. You should seek professional advice if you have any concerns about your specific situation.