EOFY Finalisation

BDT

Hi. My last pay event for the 2023/24 year was entered and submitted to the ATO as a normal pay event instead of a Finalize year event. This means my employees cannot do their tax returns because it shows up as "not tax ready" on MyGov. How do I now finalize the year. I have already done 2 weeks of pays this financial year. Thankyou.

Acctd4

Hi @BDT

The normal Pay Event STP selection updates YTD balances with each pay run's figures.

The Finalise Year is just an electronic check/confirmation of these balance totals & represents the online replacement of the old "physically-issuing-of-paper-Payment Summaries-to-employees".

When you create the Finalise Year STP submission, you select the relevant FY so it doesn't matter what's been entered since, it will just use the selected FY's balances.

Throughout the year, employees can view their own YTD balances in their myGov account, as per your Pay Event STP submissions. These are automatically labelled as Year to date. Once STP-finalised, this status automatically updates to Tax ready, confirming finalisation:

Obviously, having these figures checked & confirmed (eg finalised) is preferable HOWEVER … employees can still use their YTD Income & Tax amounts shown here to do their tax return!

If not "finalised" it just doesn't prefill automatically so the employee (or their tax agent) would just need to enter these figures manually in the tax return. Indeed, some employees' figures NEVER get finalised (where an employer hasn't actually ever done it because they don't know about it, how to do it, has closed down etc) !

BDT

Hi

Thank you for that explanation, simple to read and follow. I have now finalized the 2023/24 year. I've been using Reckon for many years now, but it's the first time I've used the Reckon Community site for help. I'm sorry I didn't use it years ago. Thanks again.

Bruce (BDT)

Acctd4

Great to hear Bruce! 👏🏻☺️