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There are circumstances where it may be necessary to zero out any STP data that has been reported by a pay company during a financial year. For example, if a pay company has been reporting under the wrong ABN/ABN branch number and therefore all reported year-to-date (YTD) amounts must be transferred to another ABN/ABN branch number, the amounts reported under the original ABN/ABN branch number must be zeroed out.
Currently Previously, the process to achieve this is quite was cumbersome as you have had to reverse all payments made under the original ABN/ABN branch number and report the reversals through STP, update the ABN/ABN branch number and then reprocess all payments and submit STP reports to report the payments using the new details.
In this release we have added the ability to automatically zero out STP data for all payees belonging to a particular Pay Company.
To achieve this Now, you can simply submit a zero-out submission to zero all YTD values previously reported against the old ABN/ABN branch number, correct the ABN/ABN branch number on the Pay Company record and then continue to submit STP reports, without having to reverse the payments made using the old ABN/ABN branch number.
To facilitate this, we have added a new Zero Out action to the Payroll > ATO Reports > STP EOFY screen to allow a payroll officer to trigger a zero out of previously reported STP data for a pay company.
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