The Year-End STP Finalisation is a mandatory requirement for all businesses that have reported payroll payments through Single Touch Payroll (STP) during the financial year. This final report enables employees to lodge their tax returns with the Australian Taxation Office (ATO) by confirming all employment income and tax withholding information for the year.
The finalisation process is straightforward and follows the same method as regular STP reporting, with one key difference: you must mark the report as the final submission for the financial year. This ensures that all employee payment information is properly closed off and ready for tax return processing.
The ATO allocates all STP reports based on payment dates, so it is important to select the last pay event that was paid within the financial year when finalising. This guide will walk you through the complete process of finalising your STP for year-end, including how to make amendments if corrections are needed after finalisation.
Do not rush to finalise on 30 June! The ATO deadline for year-end STP finalisation is 14 July, which gives you two weeks to ensure all payroll data is accurate before submitting your final report.
Use this time wisely to verify all employee details, check for any missing allowances or deductions, and confirm that superannuation obligations are correctly reported. Once finalised, employees can immediately access their payment summaries through myGov, so accuracy is crucial. If you do need to make changes after finalisation, you can lodge an amendment, but getting it right the first time saves administrative effort and maintains employee confidence.
Complete your final pay run for the year, allow a few days for any corrections or adjustments to be identified, then finalise your STP report well before the 14 July deadline. This approach ensures compliance whilst minimising the need for amendments.
Congratulations! You have successfully finalised your Single Touch Payroll reporting for the financial year. Your final STP report has been submitted to the ATO, and all employee payment summaries are now completed. You can now begin processing payroll for the new financial year with confidence, knowing that all your year-end compliance obligations have been met.