STP finalisation¶

Definition. STP finalisation is the year-end declaration an employer makes to the ATO stating that the Single Touch Payroll information reported for each employee for the financial year is complete, which marks each employee's income statement as "Tax ready".

In plain English¶

At the end of the financial year, you tell the ATO that everything you reported through your payroll for each employee is finished and correct. Once you do this, each employee's income statement shows as "Tax ready" in myGov, so they can use it to do their tax return.

Related lessons¶

• What is STP finalisation?

General information only — not tax, super or financial advice.