As EOFY approaches, ensure your payroll, STP and superannuation processes for the financial year is ready. This guide covers finalising Single Touch Payroll (STP) reporting in Microkeeper, updates on new 2024/2025 Super and Tax settings, key EOFY dates, and tips for managing final super contributions.
The ATO requires businesses to lodge a STP finalisation declaration by the 14th of July*, which when submitted will allow employees to complete their tax return.
We have detailed the steps required to lodge a Final STP submission, using Microkeeper, below.
*Employees with closely held payees may have different finalisation due dates
The end of the financial year marks the time to complete your Single Touch Payroll (STP) reporting obligations. STP reporting ensures that your employee payroll information is reported to the ATO each pay period. To finalise your STP reporting in Microkeeper, follow these steps:
The ATO will confirm if the submission was successful, this typically takes about 5-10 minutes, but can take up to 72 hours.
You can find the STP lodgement status under the STP log. The STP log should state that your submission is a Final Type.
If you encounter any issues or need assistance with finalising your STP reporting, reach out to our support team for guidance.
With the introduction of Single Touch Payroll (STP), you no longer need to provide your employees with payment summaries for information you report and finalise through STP. Instead Employees will receive an Income Statement available in ATO online services through myGov.
Employees can start their tax return lodgment through their myGov account as soon as the STP finalization declaration has been submitted.
The 2024/2025 financial year brings important changes to superannuation and tax settings that impact your payroll processes. Key updates for 2024/2025 include:
Both of these changes will be automatically made to the Microkeeper system so no action is required.
To effectively manage your EOFY tasks, it's crucial to be aware of key dates and deadline. Here are some important dates to remember:
Mark these dates on your calendar and plan your EOFY activities accordingly to avoid missing important deadlines.
To prevent complications ensure final super contributions are timed correctly, know your super clearing deadlines and how long processing will take.
Microkeeper recommends submitting and paying super contributions no later than 3:30pm AEST, 19 June 2024, to ensure you make the end of financial year cut-off.
Especially if:
Remember to make sure you have sufficient funds in your bank account and make your submission before the bank cut-off of 3:30pm.
Check out the full Single Touch Payroll Guide here.
More information on the payroll process can be found here.
Still have questions? Check out our FAQ by clicking on this link or contact our Support Team though the contact page.