This is part of our Payroll and STP series, powered by Employment Hero (Chapter 4 of the QuickBooks tutorial hub):

• Lesson 1: Understanding QuickBooks Payroll Powered by Employment Hero
• Lesson 2: Choosing Standard or Advanced Payroll in QuickBooks
• Lesson 3: Setting Up STP in QuickBooks and Connecting to the ATO
• Lesson 4: Award Interpretation and Running a Compliant Pay Run in QuickBooks
• Lesson 5: Super Clearing Houses in QuickBooks and Payday Super
• Lesson 6: STP Phase 2 Reporting and EOFY Finalisation in QuickBooks

STP finalisation is due by 14 July each year, confirming your employees’ income statements are ready for their own tax returns.

1. What STP Phase 2 requires

Pay is reported broken down into categories like ordinary hours, overtime and allowances, rather than one combined figure.

2. Review your figures before finalising

Check total wages, tax withheld and super for the year look correct before submitting.

3. Submitting the finalisation

This is done from within QuickBooks payroll reporting, sent directly to the ATO.

4. If you spot an error afterward

An amendment can be lodged if something needs correcting after the fact, though catching it beforehand is always preferable.

QuickBooks Australia’s YouTube channel covers STP finalisation: watch the official QuickBooks Australia tutorial. Our registered BAS agents can handle this deadline for you each year.