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EOFY Finalisation

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mceclip0.pngOverview

Your End of Financial Year (EOFY) finalisation declaration through Single Touch Payroll (STP) is now simple and fast, requiring no paper forms or file uploads.

mceclip0.pngWhat you need to know 

  • At least one pay run needs to be 'Accepted' for each Financial Year (FY) via the BiYP app before you can finalise your EOFY STP file
  • Your EOFY Finalisation declaration to the ATO is done via BiYP once you have processed your last pay run for the FY
  • EOFY Finalisation declares your employees' pay details for the financial year are now final
  • This will include employees with processed pays during the FY that are:
    • Active
    • Inactive
    • Terminated
  • EOFY Finalisation can be re-submitted to the ATO should you need to change the following for the FY finalised:
    • Opening Balances
    • EOFY Adjustments
    • Processed Pay Runs (Deleting or Adding)
    • Update employee details such as their TFN, address or email
  • When you re-submit your EOFY Finalisation this will override the previous one
  • You need to make a finalisation declaration by 14 July to the ATO for employees other than closely held payees
  • Employers with a combination of closely held payees and arms-length employees, the due date for closely held payees is 30 September and 14 July for all other employees
  • For micro and small employers (19 or fewer employees) who only have closely held payees, the due date will be the payees income tax return due date

mceclip0.pngKey reasons to process the EOFY Finalisation

  • EOFY Finalisation submits the finalisation indicator for each employee which the ATO uses to update their Income Statement and display the information as 'tax ready' in their myGov account
  • You meet the ATO requirement to make a STP Finalisation Declaration for the financial year for your registered business

mceclip0.pngHow to Process EOFY Finalisation (Screenshots)

The steps below show you how to process an EOFY Finalisation.

Step 1

Double tap the Pay Runs icon in the dock or Payroll on the Home Screen

 

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mceclip0.png Step 2

Tap Finalisation STP Year

 

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mceclip0.pngStep 3

  1. If the Financial Year displayed is incorrect, tap the Financial Year FY2021 disclosure arrow > and go to Step 4
  2. If the employee pay details need reviewing or editing, tap Employees Included Not Final disclosure arrow > go to Step 5
  3. If the Financial Year displayed is correct and the employee pay details do not require editing, go to Step 8

 

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 mceclip0.pngStep 4

This will list all Not Final Financial Years and default to the earliest Not Final FY for your business where you can select the FY you wish to finalise and tap Done.

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mceclip0.pngStep 5

  1. The employees included in your EOFY finalisation declaration are displayed on this screen and include employees who are:
    1. Active
    2. Inactive
    3. Terminated
  2. Employee pay details are displayed as Not Final
  3. To review or edit an employee's processed pay runs for the FY (for example to add opening balances or make EOFY adjustments), tap the employee disclosure arrow > and go to Step 6

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mceclip0.pngStep 6

The employee's Tax File Number (TFN) and pay for the FY are displayed as they will appear in the employee's Income Statement when they sign in to their myGov account.

  1. To update an employee's TFN, tap Edit at the employee name and go to Step 7
  2. To edit an employee's pay details, tap Edit at Income Statement and go to Step 8
  3. To return to the Employees Included Screen tap < Back at header

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mceclip0.pngStep 7

  1. Tap I have employee's TFN to enable the employees tax file number to be entered. 
  2. Enter the Tax File Number and tap Done to return to the employee's pay details for the financial year.  

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mceclip0.pngStep 8

On this screen you can edit the following for each employee:

  •  Opening Balances
  •  EOFY Adjustments

The Opening Balances is set as the default tab.

  1. To enter any EOFY Adjustments, tap the EOFY Adjustments tab and go to Step 9
  2. To enter any Opening Balances, tap each payment type you wish to add an opening balance for that employee
  3. Enter the amount in the numeric keyboard and tap Done at the keyboard
  4. Tap Done on the top right corner of the Income Statement to commit the entries and return to the employees Income Statement Step 10

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Step 9

This screen displays the updated opening balances and pay adjustments. Tap < Back to return to Employees Included (4) Screen and < Back again to the New Finalisation Screen tap Done. 

  1. Tap Done at the head of the Income Statement to commit the amount and return to the employees pay details.  

 

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mceclip0.pngStep 10

  1. Confirm the default  Submitter Name is accurate

  2. Tap Submit to ATO to submit the file to the ATO

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Step 10a (Optional)

There may be a need to Re-Submit your Final Pay Run.

  1. Tap Re-Submit Final Pay Run

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Step 10b (Optional)

  1. Confirm the default  Submitter Name is accurate

  2. Tap Re-Submit to ATO to submit the file to the ATO

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mceclip0.pngSummary

The Processed Pay Run for the EOFY displays the STP File as Pending initially.

  • As the STP File submitted was a Final Pay Run it may take up to 72 hours before the status updates to Finalised
  • When the status changes to Finalised, the EOFY Finalisation is complete and the Finalisation Declaration is accepted by the ATO
  • If status of the file is Rejected, fix the errors and resubmit
  • Your employees' Income Statement will now display the information as 'tax ready' in their myGov account

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