This guide will assist you through the EOFY process step by step to finalise your current financial year and prepare for the new financial year within your foundU platform. Please note, for ease we have underlined anything that must be actioned.
- Superannuation payment deadline: July 28th
- STP finalisation (Payment Summary) cut off date: July 14th (20+employees); July 31st (>20 employees)
- Rate rise final date: TBC (it should apply to the first full pay period in the new financial year)
- Workcover codes: TBC (Usually July 1st)
- Process your last payroll for 2019-20 as usual: Ensure all pay cycles due to be processed in the current financial year have been generated. (All payment dates after June 30 2020, will automatically form a part of the 2021 financial year)
- Employee details: Check all employee details are completed and accurate, including tax file numbers and email accounts.
- Terminated employees: Ensure all terminated employees have been archived and a termination date has been applied to their profile.
- Allowances: Check all allowances and pay items have been correctly set up under the STP reporting label, including the allowance type where the allowance is reported separately from gross earnings. We are working on a new Allowance Export Report -watch this space.
- STP review: The ‘End of Financial Year – STP to Payroll Activity Reconciliation’ guide explains how to balance amounts reported to the ATO via STP to the Advanced Payroll Activity report. View our STP Reconciliation guide here.
- Reconcile payroll accounts to your general ledger: Generate the Advanced Payroll Activity for the last financial year with the ‘Cash Basis’ and ‘Separate Superannuation Contribution Types’ checkbox options selected. Just a reminder, it is best practice to reconcile your foundU platform with your accounting software.
- EOFY Finalisation: You will need to ensure any outstanding STP batches which require action have been submitted prior to finalising employee STP data. Generating final EOFY STP data will indicate the employees YTD earnings as ‘Tax Ready’ on their income statement in MyGov.
- Fringe benefits: Import any reportable fringe benefit amounts in the first step of your STP finalisation tool.
Conduct your Award increases / Rate rise: Apply any relevant rate and allowance increases via the Rate Rise Tool in your platform.
As well as you may want to address:
- PAYG Rates Updated: Please note, any changes to the tax tables will be updated automatically in your foundU platform and take effect from the 1st July 2020.
- Review and Update Payroll Tax States: Update relevant state payroll rates and/or thresholds if required . View article here.
- Review and Update Workcover Rates: Update relevant work cover rates where applicable, you can do this under Payroll Settings> Workcover Rates.