End-of-year requirements are the tasks employers must complete to report annual employee earnings and taxes to government authorities. Each country has specific forms, deadlines, and reporting requirements that must be met to remain compliant with tax laws.
Important notes:
No special processes are required in SmoothPay itself to prepare for end-of-year reporting
SmoothPay automatically determines which tax reporting year entries belong to based on the pay date
All tax rules are implemented automatically as required by each country's regulations
SmoothPay uses the pay day as the tax period for any payment, which applies to monthly tax and superannuation reporting as well as annual reporting
All data for all years is kept in the same database for instant access whenever needed, allowing you to reproduce or reprint any report or certificate at any time
The payroll year end in Australia is 30 June.
Required actions
STP (Single Touch Payroll) Users
Single Touch Payroll (STP) is the Australian Tax Office's system for reporting employee tax and super information. If you use STP, you have already reported your year-to-date data through normal STP reporting after each pay run throughout the year.
You must finalise your STP reporting for the year to confirm that all employee information is complete and correct on/before the 14 July. To do this:
Go to Reports.
Select Tax.
Select STP.
Select Finalise.
Complete the finalisation process.
Optional suggestions
The following tasks are optional but may be useful for your business:
Long Service Leave revaluation
Long Service Leave is a benefit that allows employees to take extended paid leave after a certain period of service. You may need to revalue these leave balances at year-end to reflect current salary rates. To produce a valuation report:
Go to Reports.
Select Staff.
Select Leave Valuation report.
Review the calculations.
Make any necessary adjustments to employee leave balances.
Reconciliation reports
Reconciliation reports help you verify that your payroll records match your tax payments and other obligations. These reports are available at any time throughout the year and can be accessed from the Reports section along with most other reports.
ℹ️ SmoothPay retains all payroll data for every year within the same database. This means you can reproduce or reprint any report or certificate at any time, even for previous years. If you need to access historical information or provide a duplicate certificate to an employee, you can do so without any special processes or data retrieval.