Table of Contents

Finalise single touch payroll (STP) in Reckon One

Learn how to complete end of financial year (EOFY) finalisation in Reckon One to finalise your single touch payroll data and make a finalisation declaration to the ATO.

You can also use EOFY finalisation to reconcile your payroll records at any time throughout the year, without making a finalisation declaration.

You can submit EOFY finalisation in the payroll mobile app, but it’s easiest to check and reconcile payroll records in Reckon One.

About EOFY finalisation

Businesses reporting under single touch payroll are required to make a finalisation declaration each year. This process allows employees to access their information in MyGov and complete their tax return.

EOFY finalisation involves creating a report, reconciling the figures with other payroll records, and then submitting the report to make the finalisation declaration.

You can create and reconcile an EOFY finalisation report at any time, without submitting it to the ATO, to check your payroll records and avoid being surprised by errors at EOFY. Some businesses do this every pay cycle, while others do it quarterly or on some other regular basis.

When to complete EOFY finalisation

The deadline for EOFY finalisation is set by the ATO:

• For businesses without closely held employees, the due date is 14 July.

• For businesses with closely held employees, the due date varies depending on the number and mix of employee types.

Learn more about the deadlines for finalisation declaration.

Download our EOFY checklist to check key information

To reduce errors when you submit your finalisation, you should check key payroll information before you start. Our printable checklist guides you through the information you need to check. To download the checklist:

  1. Go to the Payroll menu, then select EOFY.
  2. Select the Get the checklist button in the banner at the top of the screen.
You should download a new checklist each year to ensure you have the most up-to-date version.

Create the EOFY finalisation report

To create an EOFY finalisation report:

  1. Go to the Payroll menu, then select EOFY.
  2. (Optional) Use the Financial year drop down box to change financial year, if needed.
  3. Select the Start finalisation or New finalisation button.
  4. Select the employees who you want to include in the finalisation. Only employees relevant to the selected financial year are shown.
  1. For a typical EOFY finalisation, leave the Replace all values with $0.00 checkbox unchecked. This checkbox is for other scenarios, such as using the zeroing out method when changing software.
  2. Select Continue to finalisation.
  3. This will create a draft finalisation report. The next step is to review the figures and reconcile your finalisation, before submitting to the ATO.

Review and reconcile draft EOFY finalisation

Reconciliation ensures that what you’re reporting to the ATO correctly reflects your actual payroll activity for the financial year, and the payments you’ve made.

Learn more about reconciling your EOFY finalisation figures to your Payroll Summary report.

Submit to the ATO to make a finalisation declaration

To submit your EOFY finalisation and make a finalisation declaration:

  1. Click the Submit to ATO button.
  2. Enter the name of the person authorised to submit to the ATO.
  3. (Optional) If you’re an agent submitting on behalf of a business owner, switch the toggle to Submit as agent.
  4. Select the checkbox to confirm that the information is true and correct, and that you’re authorized to make the declaration.
  5. Select Submit to the ATO.
  1. The report will now have a status of Pending while it awaits a response from the ATO.

  1. You’ll need to check back to ensure your submission has been successful, or if not, to resolve errors.

What to tell your employees

You are no longer required to provide employees with a payment summary for the information you’ve reported and finalised through STP.

You can tell your employees that they:

  • can access their year-to-date and end-of-year income statement (previously called the payment summary) online through myGov (they will need to set up a myGov account) or talk to their registered tax agent.
  • need to wait until their income statement is 'tax ready' before lodging their tax return.
  • need to check their personal details and if necessary, update with both you and the ATO (incorrect personal details may prevent them from seeing their STP information).

Read more


Need more help?

Ask the Reckon Community at: https://community.reckon.com/categories/reckonone

Or log a Support Ticket: https://www.reckon.com/au/support/

How did we do?

Use the zeroing out method to make YTD figures zero in Reckon One

Related Articles

End of financial year report - Payroll App
STP Phase 2 - Disaggregation of Gross
Pay Event
Powered by HelpDocs (opens in a new tab)

Powered by HelpDocs (opens in a new tab)