As Humanforce Payroll Customers are preparing for end of financial year 2024 STP processing, we are happy to announce that a few new changes have been made to help streamline and simplify the exercise for payroll teams.

Let’s dive into the product related update, some important information and the handy support resources available.

🔥What's New?

Most of the routines relating to Year End processing have now been automated so that once you finalise the last pay run of the year, there is nothing more to be done.

 Single Touch Payroll (STP) Processing

The data that gets sent to the ATO via a Pay Event each process is employees’ Year-To Date figures. This has removed a few of the processes within Humanforce Payroll that were previously needed to be done by a Payroll Department at Year End. The major change to the process is that you no longer need to produce a Payment Summary or lodge an empdupe file.

IMPORTANT NOTE: As a safeguard measure, Payroll teams are encouraged to add an additional ‘Special Run’ just before the end of the financial year (i.e. 29th June 2024). This will be Humanforce Payroll customers’ last opportunity to include transaction in the final year. If the final run isn’t needed, there is no harm or loss in having it set up as the run can be performed as a blank run.

Guides

To help with end of financial year 2024 processing the following guides have been constructed.

EOFY Checklist guide - Check off critical items that may be easily overlooked, however are necessary for end of financial year payroll processing. Items such as loading FBT, linking employees to employee numbers, adding a special pay run, reviewing itemised allowances, scheduling month end pay run, and more are covered in our handy check list.

Frequently Asked Questions (FAQ) guide - Want to know if you are set up for STP2 or not, or how to best make corrections after closing off Year End payroll? Or how about how to enter in FBT figures for a terminated employee, or why special a pay run is recommended? Our FAQ guide can give you the clarity you need. 

⭐ Why it matters

End of year STP processing is crucial because it ensures that all employee payroll information, including wages, taxes, and superannuation contributions, is reported accurately and timely to the Australian Taxation Office (ATO).

This streamlined reporting simplifies compliance, reduces paperwork, and minimises the risk of errors or penalties associated with manual end-of-year reporting processes.

In addition, it enhances transparency for employees by providing them with up-to-date and accessible information about their earnings and deductions, aiding in their personal financial management and tax planning.

🏁 Getting Started  

Humanforce Payroll customers are advised to follow the STP processing instructions that has been communicated to them via email.

For detailed assistance on end of year Humanforce Payroll STP processing, as well as access to the EOFY Check list guide, please access our Help article.

A FAQ guide has also been created to help support and guide Humanforce Payroll customers performing STP end of financial year 2024 processing and is available in this Help article.

If you have any further questions, please reach out to your Humanforce representative.