Streamlined STP Finalisation for Employers (July 2024 Tax Update)

Relevant For:

Employers managing payroll and tax reporting obligations.

Key Points:

• Finalise employees’ STP information with a declaration to the ATO.
• Deadline for arms-length employees: 15 July 2024.
• Deadline for closely held payees: 30 September 2024.
• Small employers with closely held payees: finalise by employee’s tax return due date.
• Fringe benefits exceeding $2,000 must be reported and grossed up by 1.8868.
• Reportable super contributions include those beyond the superannuation guarantee.

Full Article:

Employers are required to finalise their employees’ Single Touch Payroll (STP) information by making a finalisation declaration through their STP-enabled solution. This action confirms to the ATO that all necessary information for the financial year has been submitted.

Once finalisation is completed, the ATO will pre-fill employees' income tax returns, marking the information as 'tax ready' in their MyGov accounts.

Key Deadlines: