View our EOFY Webinar recordings
Join us for our upcoming EOFY webinar:
EOFY STP Finalisation- Thursday 24th of June | 1st of July or 8th of July, register here.
We'll also include a recordings of the webinar and FAQ's and answers below.
Discover our webinar topics below
We'll add in a summary of the questions asked through our EOFY webinars below.I joined foundU this year, If we’d like to upload year to date information to foundU can we do that?
No, you won’t be able to do that, you’ll need to finalise your pre foundU information with your previous provider.
The good news is you’ll only need to do that this year. Remember at foundU, as per STP recommendations we start your year to date amounts from zero
In my Pay > STP instead of seeing the 'view detail' button so I can submit my STP it says 'Review in STP finalisation' what should I do, I cant submit the rest of the submissions til I do this?
You'll need to resolve that STP first, check out our helpful guide you'll have 2 options, either push from review to finalisation or delete the stp.
Where do employees get their income tax statement PAYG Summary from?
Employees will access their tax information from myGov directly.
When I go to my STP finalisation page, I cant see the 2021 year and in pending I don't see any employees, why is that?
You'll see the 2021 year very shortly in your platform, in our webinar was a preview. You'll only see employees here after you've finalised your final pay for the year.
I’ve already identified I have a discrepancy even though I haven’t processed my last pay, what should I do?
- Its great that you’re already preparing for EOFY, remember you wont be able to fully reconcile until you have processed the final pay
- My tip for you would be to take a note of what you’ve found
- Then when you process your last pay check that specific example
If there is still a discrepancy, check out our help center for assistance and if you get stuck for how to resolve please reach out to our helpful support team. If your allowance is reporting incorrectly or pay item is reporting in the incorrect STP bucket you can follow our guide here to reassign.
What about Super, do I have to do anything special?
No, you’ll process your super payments as normal either via your clearing house or via our Beam integration.
Just remember the normal Superannuation guarantee payment due date for the quarter is 28th of July so you still have time.
What if I want the Super payment to fall in this financial year?
The key to remember is that any super amounts you would like to fall within the current financial year you’ll need to check the super deadline for your clearing house.
For Beam we’ve sent communication out about the due dates. I believe the last date is June 24th by 3.30 if paying via EFT/BPay.
Again, that’s only if you want the payment to fall within this financial year.
Any amounts accrued and / or paid after that can still be paid through Beam, but will form a part of the 2022 Fin year.
Where do I get a reconciliation report for super?
My week end finishes on a Sunday so would I finalise pay on 27 Jun or 4 Jul?
The ATO stipulates the payment date (not period end date) so this would be the 27th of June.
If you pay weekly, and the last pay period ends Monday 28 June but we don't do the EFT payment until 1 July, does that week fall in the 20/21 or 21/22 year?
ATO requirements are that all salary and wage payments must be reported in the financial year they are received (i.e. paid to your employees).
If BOTH the PPE date and the Payment Date to employees are in the same financial year, no action is required. The payment of pay period ending 28/06/2021 should leave your bank account on or before 30th June 2021 if you want to fall within this financial year by the bank cut off times.
The last day of the 2020/2021 financial year falls on Wednesday 30th June. So, if your company has a PPE on or before 30 June 2021where the payment to staff will be received on or after 1 July 2021, this payment needs to be reported in the new financial year 2021/2022, not the 2020/2021 financial year.
How can I see the under which category an employee is paid throughout the year?
Check out the STP YTD report to see these details.
Does the finalisation have to be completed before the first pay run next financial year?
Best practice is to do so, so that it is completed. However you can run a pay for the new financial year and it won't impact your STP finalisation process. You will need to finalise before the ATO prescribed dates.
Do we need to enter the super increasing to 10% or is it automatic in the system?
This change will occur automatically from 1st of July, no changes are needed from your side. If you don't notice the super change straight away, when you generate or update the payslip you will see the correct super amount.
Can I do the rate rise tool after Fair Work has announced the final award rates and their schedules? Last time I did before they announced it and the figures were one cent out. Is it an easy fix if the figures are out by cents?
Yes you can use the Rate rise tool to preschedule your rate rise but not until you have the new pay guide, which often come out very close to the 1st of the July. You will still need to check for rounding so that it matches exactly.
Once I've completed my final pay run and finalised STP will my employees be informed?
You can notify your employees when in STP finalisation, this does not happen automatically.