STP finalisation for Australian markets
For future reference, I would like to share the solution we received, as it was much simpler than the long winded process that had been suggested by Xero support
Following the change to our payroll Branch ID, it is correct that employees will see two income statements in their ATO/myGov account after STP finalisation. However, the important distinction is that the two income statements have different statuses—one is marked "Tax Ready" and the other is marked "Not Tax Ready."
Based on the advice from our tax agent, employees should use only the income statement marked "Tax Ready" for their tax return and disregard the one marked "Not Tax Ready."
I hope this is helpful should a similar situation arise for any of your other clients in the future.
Chandra Rao Sahib
shared this idea
Hi Chandra
Thank you for providing this info on Xero Product Ideas!
You are completely correct: If an employers branch or ABN is changed mid-way through a tax year, it creates two separate income statements for employees. If only one of those statements is finalised, the remaining income statement will continue to show as "not tax ready."
