From the BIG:

3.1.5 Cessation The business rules for cessation date are: 1. If the employer captures the date of cessation the cessation date must be reported. 2. If a subsequent payment is made to the terminated employee the cessation date must still be reported as the original cessation date reported. 3. If the employee is subsequently rehired using the same payroll ID the cessation date should be removed in any subsequent reports. a. If the employee is subsequently rehired using the same payroll ID, before the cessation date is reported, the cessation date should not be reported. b. If the employee is subsequently rehired under a different ABN /branch within the same group, the cessation date does not have to be reported

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This is a declaration to the ATO that you've provided all payroll information for an employee for a financial year through Single Touch Payroll reporting. Finalisation replaces the payment summary and part-year payment summary process in most cases – but check with the ATO to confirm. Also see the following article on the ATO website: Finalising your Single Touch Payroll data.

There are two scenarios where you would make a finalisation declaration.

• During the financial year (termination)
• At the end of the financial year

Finalise during the financial year (employee termination)

Finalise employees at the end of the financial year

Finalisation for the EOFY is coming soon. We'll let you know when it's available.