STP Year-End Reconciliation Tool

This tool helps Reconciliation of STP for a full tax year with final event indicator. This is a three-way matching that involves checking STP data with payroll (payslip data) and also with YTD accumulator values.

INKIT has developed a solution for EOFY reconciliation which will identify the issues with STP and generate the reconciliation reports for most of the STP/Payment summary categories components. The reconciliation report includes incorrect STP values, correct values for each employee, pay entity, pay group and balance group combination. This solution also has the automated process to self-fixing the incorrect STP values. Customer don’t have to run the legacy payment summary process to reconcile the STP.

With INKIT’s reconciliation tool, PeopleSoft customers will avoid rework of correcting STP data and sending an update event to the ATO. Employers are responsible to send accurate payroll data to the ATO which is a compliance requirement and with our solution we can help them achieve that.