Finalising Single Touch Payroll at the end of the year

As you already know, Single Touch Payroll (STP) streamlines the way you report your employee's tax and super information to the ATO. Final STP declarations were originally due by July 14, but the ATO extended this date to July 28. Even so, many business owners still haven’t finalised their statements — perhaps you’ve already received a reminder notice from the ATO to do this. If this is you, you must do this as soon as possible so your employees can access their information to complete their tax return — they can’t do their returns without it.

Number of employees

20 or more employees

If you have 20 or more employees, you should be reporting closely held payees each pay day, along with arms-length employees. A closely held payee is an individual directly related to the entity. For example: family members of a family business, directors or shareholders of a company, or beneficiaries of a trust. The finalisation due date for closely held payees is 30 September each year. An arms-length employee is everyone else.

19 or fewer employees

If you only have closely held payees, the due date for end-of-year STP finalisation will be the payee's income tax return due date. If you employ closely held payees and arms-length employees, the due date for end-of-year STP finalisation for closely held payees is 30 September. All other employees are due July 14 (now July 28).

A final declaration

You finalise your STP data is by making a finalisation declaration. In this declaration, you provide a finalisation indicator for an employee (including directors, contractors, etc.) as par


lodged by 14 July (or as soon as possible), and indicates that you have fully reported for the financial year for each employee.


It’s important that you make this declaration so that your employees can use accurate information for their income tax return and avoid penalties for not completing their returns.

What you should tell employees

Let staff know they’ll no longer receive a payment summary (now called an “income statement”) from you. Instead, they can access their year-to-date and end-of-year income statement through myGov.


You should also tell them to wait until their income statement is showing as “tax ready” before lodging their tax return. Finally, ask them to check and update their personal details (if necessary) with you and the ATO. Incorrect details may prevent them from seeing their STP information on myGov.

A helping hand

Finalising STP at the end of the financial year is mandatory. If you’re confused about the process or have put this in the “too-hard basket”, reach out to us. Our registered Accountants and tax experts will help you get your finalisation declaration sorted ASAP.

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What is a Bridging Loan? And When Would You Need One?

May 12, 2025
Buying and selling property rarely lines up perfectly. The logistics of it all can be incredibly stressful. If you’ve found the perfect next home but haven’t sold your current one yet, a bridging loan can make your move easier, without having to wait on your current property sale.  What is a bridging loan? A bridging loan is a short-term loan that gives you the funds to buy a new property before your current property has sold. It’s designed to bridge the gap between buying and selling. These loans are generally interest-only and are typically offered for up to 12 months, giving you time to sell and settle on your current home while already owning the next one. When would I need a bridging loan? You might consider bridging finance if: You’ve found your next home but haven’t yet sold your current one. You want to avoid renting or moving twice between sales. You want more time to prepare your home for market to get the best sale price. You're building a new home while still living in your existing one. How does it work? Peak Debt: The lender combines your current mortgage, the cost of the new property (including stamp duty and legal fees), and any interest (if it’s being capitalised). This total is known as your Peak Debt. Interest Only: During the bridging period, you’ll typically pay interest only — or the interest may be capitalised (meaning it’s added to your loan rather than paid upfront). Sell Your Property: Once you sell your existing home, the sale proceeds are used to reduce your Peak Debt. End Debt: The remaining balance becomes your End Debt, which then continues as a standard mortgage. An example of a bridging loan. Your current home loan = $200,000 New home = $800,000 Total bridging loan (Peak Debt) = $1,000,000 After selling your home for $600,000, that amount is used to pay down your loan Remaining loan (End Debt) = $400,000 Things to consider. Like any major financial decision, it’s important to understand all the moving parts before you commit. Time pressure: You typically have 6–12 months to sell. If you don’t sell in time, the lender may step in to sell the property and/or charge default interest. This is an extra interest rate that a lender charges when you fail to meet your loan obligations — in this case, not selling your property within the agreed timeframe. Interest costs: If interest is capitalised, it means you're not making repayments during the loan period, so the interest gets added to the loan balance instead of being paid separately. This means your loan grows each month. Making even small repayments can help keep this under control. Equity & serviceability: Lenders will assess how much equity you have and whether you can manage the loan during the bridging period. Loan-to-value ratio: If your End Debt ends up being more than 80% of the new property’s value, you may have to pay Lenders Mortgage Insurance (LMI). Existing loan setup: If your current lender doesn’t offer bridging loans, refinancing may be required — sometimes triggering break fees if your existing loan is fixed. This means you may have to pay a penalty if you end a fixed-rate home loan early (before the agreed term is up). Is a bridging loan right for you? That’s the big question. Bridging finance can offer flexibility and peace of mind, helping you move forward with confidence rather than being held back by uncertain sale timing. But it’s not without risk or cost — so it’s vital to understand the structure, timeframe, and repayment expectations. If you’re considering your next property move and want tailored advice on whether bridging finance suits your situation, talk to the team at Ascent Property Co. or Ascent Accountants. We can also put you in touch with finance brokers to discuss what is best for you.

The true cost of work perks.

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That work perk might be costing you more than you think… Fringe Benefits Tax (FBT) is charged at a whopping 47% — the same as the top personal tax rate. That means lower salary or fewer benefits. So, while salary packaging can save tax, in many cases it ends up costing you more.

Act Fast to Reduce Your Tax Bill!

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If you’re expecting a higher income this financial year, now is the time to act. We’ve put together 9 Smart Tax Planning Tips that could save you thousands — but they only work before 30 June.

Why Every Business Sale Needs a Lawyer (and an Accountant)

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Thinking of buying or selling a business in 2025? Now might be the perfect time to make your move. With interest rates tipped to drop, new regulations coming in 2026, and a surge in buyer activity, the opportunities are out there. Click the link to learn more.

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