STP EOFY Reporting

On conclusion of a financial year a STP end of financial year (EOFY) batch must be submitted to the ATO for each pay company. Submitting a STP EOFY batch reports the latest, YTD earnings of payees of the pay company and flags the YTD earnings as being finalised for the financial year. In turn, this results in the following:

payees being able to see their finalised income statement for the financial year via the myGov portal
payees or their tax agents being able to use the finalised income statement to prefill their tax returns.

A finalised income statement can only be used by a payee or their tax agent to prefill a tax return after 30 June of the respective financial year, even if the payee’s earnings have been finalised prior to that date.

With the exception of the inclusion of a final pay indicator for each payee, the information that is reported in a STP EOFY is the same as the information that is reported when a pay batch is submitted to STP (for more information, see What is Reported via STP?).

The ATO requires earnings to be finalised by 14 July. The following applies to finalising payee’s earnings at the end of a financial year:

Depending on when you expect to be making the final payments for the financial year, a STP EOFY batch can be submitted prior to or after 30 June.
Only one STP EOFY batch can be submitted per pay company for each financial year.
If a STP EOFY batch is submitted prior to 30 June and it is subsequently necessary to make additional payments in the finalised financial year, it is possible to do so. Any pay batches with a payment date that falls into the finalised financial year, that are processed after the STP EOFY batch is submitted, must be submitted to STP via the normal STP pay batch submission process. The finalised YTD earnings of any payees who were paid in the pay batch will be updated based on the payments that are reported for that pay batch.
Finalising payees' earnings through STP removes the obligation to submit a Payment Summary Annual Report (PSAR) file to the ATO. Do not submit a PSAR file to the ATO for a pay company if payees who belong to that pay company have had their earnings finalised for a financial year via STP.

If you do make further payments to payees whose earnings have already been finalised for the financial year, be aware that their income statement for the finalised financial year will update accordingly on myGov. Therefore, if you do pay a payee again in a financial year that has been finalised, it is recommended that you inform the payee that their finalised income statement will be updated. This can be done via an automated notification.

The general process when finalising payees’ earnings via STP at EOFY in FastTrack360 is as follows:

Select a pay company and the financial year that is to be finalised and submit an STP EOFY batch to report the final YTD.
Check the status of the submitted EOFY batch.
If the submission is unsuccessful or partially successful, update the relevant Pay Company or Payee records to fix any incorrect data.
Resubmit the EOFY batch if necessary.

See also: