Payroll Finalisations are used to complete an employee’s income statement for the end of the financial year, so they can file their tax return.
Creating a finalisation
Once you have completed the final pay run of the financial year and are ready to submit your finalisation, navigate to Payroll > Single Touch Payroll > EOFY Finalisation and create a new Finalisation.
Select the payroll file and financial year that you want to finalise. (If you have multiple company files, you will be required to create a finalisation for each)
Processing the finalisation
Once you have created a finalisation, you will see a list of all employees that are currently active, and/or active within the last financial year. A finalisation event needs to be submitted for any employee who has been paid within this financial year.
Once you have selected all employees you would like to finalise, click "Actions > Recalculate Year to Date Balances" to ensure your YTD balances are current. You're able to check these by clicking on the employee's name.
EOFY finalisation frequently asked questions
Can I finalise some employees now, and do the rest later?
Can I finalise some employees now, and do the rest later?
Yes, you can select which employees you would like to finalise. Once this has been run, the finalisation status will be updated.
I finalised the incorrect amounts, how do I redo the finalisation event?
I finalised the incorrect amounts, how do I redo the finalisation event?
If you submitted the incorrect information in the finalisation, you should create a new finalisation event (step 1 in this help guide), make the relevant updates and submit another finalisation for the impacted employee(s).
How do I finalise employees that have never been paid from Tanda, but were paid this financial year in my previous payroll system?
How do I finalise employees that have never been paid from Tanda, but were paid this financial year in my previous payroll system?
If you have transitioned from another payroll system this financial year and there are employees that have never been paid out of Tanda, it is best to finalise them in your previous system.
To finalise them from Tanda, you would need to upload all of their year-to-date opening balances, tax declaration and address details and submit an update event to the ATO before the finalisation is submitted.
How do I record fringe benefits for my employees?
How do I record fringe benefits for my employees?
To add fringe benefits, click on an employee’s name, and a menu will appear showing the employee’s year-to-date balances. You can add or edit their fringe benefits amounts here.
My employee is flagged as not being STP ready, how do I fix this?
My employee is flagged as not being STP ready, how do I fix this?
The STP-ready check ensures that the employee has all of the required fields complete on their profile that are required to submit to STP. This includes tax declaration and address.
Does Tanda automatically update the tax tables and super guarantee contribution rate for the new financial year?
Does Tanda automatically update the tax tables and super guarantee contribution rate for the new financial year?
Yes, any updates made by the Australian Taxation Office to tax tables and minimum super guarantee contribution rate will automatically apply to your account.
Updated tax tables and minimum super guarantee rates apply to any pay run with a Payment Date on or after July 1. This means a pay run ending June 30, but paid July 1, will be paid using the new financial year tax and super rates.
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