STP (Single Touch Payroll) declaration finalisation is the process of formally closing off an employer's payroll records for the financial year by submitting a finalisation declaration to the Australian Taxation Office (ATO). This step confirms that all payroll data'such as wages, tax withholdings, and superannuation contributions'reported throughout the year is accurate and complete. Employers need to complete this declaration by July 14 each year, ensuring employee earnings are accessible via their myGov accounts for tax return preparation.
