Need to update STP after finalisation using wrong tax code
Hi Rav, hope you can help with this query.
I setup a working holiday maker employee with Tax code "TFN" but i should have used "No TaxCode". When i realised my mistake i amended the tax code part way through the FY.
Right now on her income statement, it has split the income into Salary and Wages and Working Holiday Maker incomes.
How do i amend so that everything earned comes under Working Holiday maker income?
Best Answers
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Hi @Chet,
Thank you for confirming.Please follow the below steps to resolve the issue:
1.Update All Paychecks: Review and update all the paychecks with correct tax code. This may include verifying employee details, tax calculations, and other relevant information.
2.Send an Update Event: Once the paychecks are updated, send an update event to your ATO. This ensures that any changes or corrections made to the paychecks are properly recorded at ATO end.
3.Submit the EOFY Report: After completing the updates and sending the update event, proceed to submit the End of Financial Year (EOFY) report. This report includes all the changes, as it finalizes the payroll records for the financial year and ensures compliance at ATO end.
Hope this helps.
Kind regards,
Reeta0 -
Hi @Chet,
You can only finalize the records for the specific employee who has the issue.
Kind regards,
Reeta
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Answers
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Hi Reeta, i'm using ReckonHosted.
Thank you.
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Thank you Reeta for your help.
With item 3, do i have to finalise for all employees or just for this particular employee?
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Ok, thanks for confirming that.
Truly appreciate the help you've provided. I will now have a happy employee 😀
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Hi Chet,
I'm happy to help!
If you need any more assistance, please feel free to reach out to us on our community page.
Kind regards,
Reeta
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