News

Single Touch Payroll (STP) for the End of Financial Year 2023

The Single Touch Payroll system has revolutionised the way businesses report their payroll information to the Australian Taxation Office (ATO). With the end of the financial year approaching, it is essential to complete the STP finalisation process accurately and within the required timeframes. Failure to meet these deadlines may result in penalties or non-compliance issues.

Single Touch Payroll (STP) for the End of Financial Year 2023

Important Dates for STP Finalisation Process:

Employees’ finalisation declaration due date: 14th July 2023

Closely held payee’s due date: 30th September 2023

 

To assist you with the STP finalisation process, we have prepared brief instructions and provided links to helpful articles for both Xero and MYOB accounting software:

Xero:
How to complete the STP finalisation process in Xero

MYOB:
How to complete the STP finalisation process in MYOB

 

These articles provide step-by-step instructions on navigating your accounting software and completing the STP finalisation process smoothly. However, if you encounter any difficulties or require further guidance, our dedicated team is available to provide personalised assistance.

How can we help?

At Rawson Verco Need, we are committed to supporting your business in adapting to regulatory changes and achieving compliance. Please feel free to reach out to us should you have any questions or concerns regarding the upcoming superannuation rate increase or the STP finalisation process.

Please refer to the ATO for additional information.