At the end of your tax year, in WageEasy, you have to do an STP Update and mark all employees as Final. This step replaces the EMPDUPE file creation and submission to ATO.
Complete your pay processing for the year, do all your terminations and adjustments, and balance your year.
Note: The ATO Payment Summary Report will be useful in balancing your Gross, Tax, FBT, RESC, some allowances, Union, and ETP figures.
To run this report, go to:
Select Reports, ATO Payment Summaries, ATO Payment Summary Report.
To finalise the year, you need to Report to ATO an STP Update with the Final Pay checkbox ticked for all employees (select the Mark All as Final box on the STP Update screen). This will also set the employees' myGov accounts to Tax Ready, which enables them to lodge their tax returns.
The finalisation steps are detailed below:
Select STP2 from the Standard Toolbar.
Select STP Update.
Ensure the All Employees box is ticked, and the correct Financial Year is displaying. Click OK.
Select Mark All as Final. This will tick the Final Pay box for every employee. This step is important to finalise the year and set the employees' myGov accounts to Tax Ready.
Review each record you will be reporting in the Update Event to check the values and information that will be reported. You can compare values with those in the ATO Payment Summary Report, checking for the correct display of values, i.e., Allowances, FBT, and RESC.
When you are ready to report the STP Update, click Report to ATO.
The Report to ATO Declaration window will display. Tick the declaration and select Report.
Note: The STP Update Event header record will show zero values. On the STP2 Reporting screen, in Reported Pay Events, double-click the Update Event line, and you will see your employees' values. All values reported to the ATO are always the employees' latest YTD values and never per period values.