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Clear Vision Accountancy Group

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Payroll End of year finalisation through STP You need to make a finalisation declaration by 14 July each year to ensure your employees can access their finalised information to complete their tax return. If you can't make a finalisation declaration on or before the due date, you will need to contact the ATO and apply for a deferral. When you have reported and finalised your employees' information through STP, you are exempt from: · providing payment summaries to your employees · lodging a payment summary annual report. Ensure you finalise the correct financial year A common mistake employers make is finalising their employee records for the incorrect financial year. This may be caused when the declaration is being lodged after 30 June. Please check the financial year you've finalised to avoid this common mistake. Submit a finalisation declaration for all employees You need to lodge a finalisation declaration for all employees you've paid and reported through STP during the financial year. This includes those employees who may have only worked for part of the financial year, for instance terminated employees and casuals. This will make sure you're meeting your obligations and will help your employees lodge their tax return with finalised information. What to tell your employees · you are no longer required to provide them with a payment summary for the information you’ve reported and finalised through STP · they can access their year-to-date and end-of-year income statement online through myGov or talk to their registered tax agent · 'income statement' is the new term for their payment summary · to wait until their income statement is 'tax ready' before lodging their tax return · to check their personal details and if necessary, update with both you and the ATO (incorrect personal details may prevent them from seeing their STP information) · if they don't have a myGov account, they can easily set up their myGov account

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