Are you confident to do your STP payroll finalisation on your own or do you need to attend our workshop to get the help that you needed?

Here is a checklist to help you ensure compliance and reduce last-minute stress.

Balance Sheet Review:

•  Check that the Payroll Clearing Account shows no outstanding balances.
•  Reconcile PAYG withholding (825) and superannuation payable (826) with the BAS amounts.
•  Consider converting owner's drawings or loan accounts to wages if applicable.
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Payroll Activity Summary and Employee Summary Reports:

•  Review payroll accounts, deductions, superannuation, and allowances.
•  Verify tax and superannuation accumulation for all staff.

Profit and Loss Statement:

•  Match the Payroll Activity Summary report with wages and superannuation accounts.
•  Review contractor/subcontractor payments and assess if they should be categorized as wages.
•  Check if a Taxable Payments Annual Report (TPAR) is required.

Payroll Tax:

•  Register for payroll tax if annual wages exceed $1 million.

Payroll Setup:

•  Ensure all pay runs are filed.
•  Review and update employee details, including contact information, superannuation, TFN declarations, and leave balances.
•  Set termination dates for former employees and handle entitlement payouts.
•  Confirm compliance with contracts, award rates, and Super Choice forms.

Payroll Settings:

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•  Verify W1 reporting for superannuation, deductions, and reimbursements.
•  Check leave balances and ensure correct treatment of STP reporting.
•  Confirm accurate bank account and employee super fund details.

STP Finalisation:

•  Process and lodge End of Year Reports via Xero.
•  Check and rectify any changes in employee details.
•  Report Fringe Benefits tax amounts if applicable.
•  Finalize and submit to the ATO, allowing up to 72 hours for acceptance.
•  By following this checklist, you can effectively review your payroll processes for the 2021 financial year and ensure a smooth transition into the new year.

For those of you who feel confident in handling it yourself, remember that swift action is necessary to avoid turbulence. With our critical deadline approaching fast, it's essential to get a move on. While the skies may be clear today, remember that clouds can build suddenly. That's why we strongly recommend our workshop for those who need extra guidance.

So gear up and set your course for success - register now for our STP Payroll Finalisation Workshop. Trust us to help you soar toward your financial goals. Download our free checklist and with our guidance, you'll reach your destination with ease. 

Book an appointment with us!