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https://help.myob.com/wiki/x/1ts6Ag
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Australia only
If you've reported payroll information to the ATO using Single Touch Payroll, you don't need to prepare payment summaries. Instead, you'll need to complete an end of year finalisation by July 31.
When you finalise:
- you're letting the ATO know that you've completed all pays for the payroll year
- the status of the employee's income statement in myGov changes to Tax ready so they can pre-fill and lodge their tax return.
- Enter all pays up to 30 June (pays recorded in July which include June pay dates aren't included in the finalised year)
- Fix any incorrect pays
To finalise Single Touch Payroll payroll information
Finalising your Single Touch Payroll information is done in just a few clicks.
- Go to the Payroll menu and choose Payroll Reporting.
- Click the EOFY Finalisation tab and choose the Payroll year you're finalising.
- If you need to report fringe benefits for an employee (what is this?):
- Click the ellipsis
button for the employee and choose Enter RFBA. Enter in both the:
Reportable fringe benefits amount $
Reportable fringe benefits amount exempt from FBT under section 57A $
The combined value of these must be above the thresholds set by the ATO.
- Click Add amounts.
- Click the ellipsis
- Select each employee you want to finalise, then click Set as Final.
- Enter your name and click Send.
Each employee that has been finalised will have the Final indicator ticked. You can let these employees know that they can now sign in to myGov to complete their tax returns.
Year to date reports
There are two reports available on the EOFY Finalisation tab which show year to date amounts sent to the ATO for the payroll year.
- Summary of payments—this report shows a summary of all ATO reporting category amounts sent to the ATO for an employee (gross payments, PAYG withholding, allowances, etc.). It might look like it, but this report is not a payment summary.
- YTD verification report—this consolidated report shows the total of all ATO reporting category amounts sent to the ATO for all employees.
To run the Summary of payments report
- Go to the Payroll menu and choose Payroll reporting centre.
- Click the EOFY Finalisation tab.
- Choose the Payroll year. Your employees' consolidated Gross Payments (YTD) and PAYG withholding (YTD) amounts are displayed.
- Click the ellipsis button for an employee and choose Download report(PDF).
The employee's Summary of payments report appears as a PDF, ready for you to review, save or print.
- Go to the Payroll menu and choose Payroll reporting centre.
- Click the EOFY Finalisation tab.
- Choose the Payroll year. Your employees' consolidated Gross Payments (YTD) and PAYG withholding (YTD) amounts are displayed.
- Click YTD verification report.
The Payroll reporting - Year-to-date verification report appears as a PDF, ready for you to review, save or print.
FAQs
What if I've terminated an employee before setting up Single Touch Payroll reporting?
If the employee was terminated in the current payroll year and their final pay was an Employment Termination Payment (ETP), you won't be able to report this to the ATO through Single Touch Payroll. Instead, you'll need to provide them with a payment summary.
But if the final pay wasn't an ETP, e.g. their final pay only included unused leave, you'll need to:
- Reactivate the employee (Payroll menu > Employees > select the employee > remove the Finish Date and select the option Active employee).
- Process a $0.00 pay for the employee by removing all hours and amounts (Payroll menu > Enter pay).
- Complete the pay run as normal. No amounts are paid but you'll be able to submit the pay run to the ATO through Single Touch Payroll. This will submit the employee's year-to-date figures.
- You can now finalise the employee as described above.
- Deactivate the employee (Payroll menu > Employees > select the employee > re-enter their original Finish Date and deselect the option Active employee).
How do I undo a finalisation?
You can undo an individual employee's finalisation. When you do, the employee's income statement in myGov will no longer be Tax ready so they won't be able to pre-fill and lodge their tax return.
- Go to the Payroll menu and choose Payroll Reporting.
- Click the EOFY Finalisation tab.
- Choose the Payroll year.
- Click the ellipsis button for the employee and choose Remove finalisation.
- Enter the name of the Authorised sender and click Send. The Final indicator tick is removed for the employee. If it's still there, click a different tab then return to the EOFY Finalisation tab.
- When you're ready, you can finalise the employee again.
Why are my ETP amounts duplicated?
We've received reports that ETP amounts are being duplicated for some employees. Please see our community forum post for more information on this issue and the steps to resolve.
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