How do I go about recording a new ABN for STP

GRENEWS
GRENEWS Member Posts: 8 ✭

Business has restructured from partnership to sole trader and now has a new ABN. Do I need to open a second STP for payroll payments after the restructure?

Answers

  • Rav
    Rav Administrator, Reckon Staff Posts: 15,198 Community Manager Community Manager

    Hi @GRENEWS

    Just need a bit of info.

    Will the current/existing ABN remain active?

    Will the employees who currently belong to the current ABN continue on under the new ABN? If so, have you already submitted an EOFY finalisation for the former ABN?


    ℹī¸ Stay up to date with important news & announcements for your Reckon software! Click HERE for more info.

  • GRENEWS
    GRENEWS Member Posts: 8 ✭

    Current ABN is no longer active

    Yes - Employees who currently belong to the current (now inactive) ABN will continue under the new ABN.

    Have not yet submitted an EOFY finalisation for the former ABN

  • Rav
    Rav Administrator, Reckon Staff Posts: 15,198 Community Manager Community Manager

    Thanks for that. Here's a rough outline of what I'd recommend doing 👇

    1ī¸âƒŖ First, create and send any outstanding pay runs under current/inactive ABN from your Reckon Payroll account.

    2ī¸âƒŖ Once that is done, submit an EOFY finalisation for the current/inactive ABN. This will finalise the current employee balances sent under the now-former ABN and switch those balances to Tax Ready status for your employees in their MyGov account.

    3ī¸âƒŖ From here, you'll need to create a new Reckon Payroll book for the new ABN.

    Head over to https://portal.reckon.com/ and sign in with your existing login and setup a new book under your current account by selecting Reckon Payroll under the Add Product option.

    Enter the new ABN into the book settings and set up your employees etc.

    I'd also recommend deactivating the subscription for your current book so you don't continue to get billed for it.


    ℹī¸ Stay up to date with important news & announcements for your Reckon software! Click HERE for more info.