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After you've set up Single Touch Payroll, your end-of-year payroll gets a lot easier.
You'll continue paying your employees like normal
Once you've notified the ATO that you're ready to report, you're all set up for Single Touch Payroll reporting. You won't notice anything new while entering your pays, but after you process a pay you'll now have to send the payroll information to the ATO.
Each time you submit pay details to the ATO, your employees' year-to-date payroll information is submitted.
You can check the status of your submissions by going to the Payroll menu and choosing Single Touch Payroll reporting.
What happens at the end of the payroll year?
At the end of the payroll year, you just need to finalise your STP reporting, which is a simple process. This feature is coming soon!
When you finalise, the status of the employee's income statement in myGov will change to Tax ready. This means they'll be able to pre-fill and lodge their tax return. Check with the ATO on the due date for making this finalisation declaration.