View our EOFY Webinar recordings
We' have our End of Financial 'year webinars in two parts:
Part 1: EOFY Rate Rise Tool- Thursday 18th of June 10am AEST. See our webinar recording below.
Part 2: EOFY STP Finalisation- Wednesday 24th of June 10am AEST. STP finalisation tool will be available from Friday the 26th of June.
See our recordings of the webinars 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.
STP Finalisation FAQ's.
If you pay weekly, and the last pay period ends 28 June but we don't do the EFT payment until 1 July, does that week fall in the 19/20 or 20/21 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 30/06/2020 should leave your bank account on 30th June 2020 if you want to fall within this financial year by the bank cut off times.
The last day of the 2019/2020 financial year falls on Tuesday 30th June. So, if your company has a PPE on or before 30 June 2019 where the payment to staff will be received on or after 1 July 2020, this payment needs to be reported in the new financial year 2020/2021, not the 2019/2020 financial year.
As the STP finalisation is being released on Friday 26th of June, and my payroll is today do I have to do anything right now?
If today is your last pay, there is no need to mark it in the system as final pay as it was last year. After you have finished processing your final pay you can then start your reconciliation and on Friday you can use the STP finalisation tool.
When I have employees in the review stage and im reconciling, if I create a new adjustment for example what happens to my data that I marked as final pay?
Whether you are in review stage or finalise stage, if you make a change that triggers a STP event such as creating a new adjustment, that employees details will automatically move back to pending. That way you can submit the STP details as normal, and re review the new details and push through to review until you're happy with your review for that employee.
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.
What do we do if we have only started using foundU in April and we had another payroll system prior?
Welcome to your first EOFY with foundU, the great news is you'll finalise your STP information using our STP finalisation tool. For your previous data, check out our helpful article here, there is no need to import any Year to Date (YTD) data, you may just need to confirm with your previous payroll if there is anything special that you have to do for EOFY for your data from before April.
Do all employees have to be marked as approved employees for them to display in pending, what about terminated/archived employees?
The STP finalisation tool will show all employees paid this financial year that includes Approved/Declined/Archived employees. You may notice that any terminated employees from throughout the year are already sitting in the review tab. If you wish to run additional reports relating to employee status check out our helpful report here.
Can you manually enter in Fringe Benefits Tax (FBT)?
To add in FBT details you'll need to do this through the FBT import found in Pay> Single Touch Payroll >Finalise Payroll. Ensure to refresh your screen once you've imported your FBT. For more information on import FBT please click here.
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 he new financial year and it won't impact your STP finalisation process. You will need to finalise before the ATO prescribed dates.
When I finalise my EOFY, when will employees see the 'Tax ready status' in myGov?
As advised by the ATO, employee should see the 'Tax ready status' 72 hours after you have finalised the EOFY STP.
Is there one document that has step-by-step instructions for running the end of financial year?
Check out our EOFY checklist which links you through to each detailed article for more information.
Rate Rise Webinar FAQ's.Can I please double check the Rates Book section is for Labour Hire employees only and there is no need for company who directly employ people to complete this section?
That's correct. Businesses who don't use the ratesbook to charge out their clients will not need to make any changes, these business will click continue.
Can you edit prior to scheduled processing?
Yes, you can edit a incomplete or a scheduled rate rise as long as it is prior to the scheduled day.
Where is the rate rise tool located, I cannot see it?
The rate rise tool is located via hamburger icon> full menu> Payroll Settings> Rate rise. Please note that if you cannot see this menu this could be due to permissions. If have permission and cannot see this menu please reach out at firstname.lastname@example.org