Your EOFY Timeline 2023

EOFY Timeline

This EOFY timeline will help you navigate the EOFY process seamlessly in your foundU platform. This step-by-step guide will aid you in finalising the current financial year and preparing for the upcoming financial year.

To help you stay on track, you'll notice a new EOFY checklist bubble on your Pay menu the next time you login. When you're ready to complete the task, click on it to take you through to further instructions and check it off your list!

  Tip: We have underlined anything that must be actioned.

Key dates:

  • Super payment via clearinghouse cut-off date:
    • The EOFY superannuation contribution cut-off date if you’re paying superannuation contributions through a clearinghouse is June 30, 2023
  • Super payment via Beam integration cut-off dates:
    • Direct Debit: 5 business days, must be submitted by 3:30 pm AEST on June 22, 2023.
    • Bpay/EFT: 3 business days, must be submitted by 3:30 pm AEST on June 26, 2023.
  • STP finalisation cut-off date: 14th of July. See here for more information if you can't make a finalisation declaration by the due date.
  • Annual minimum wage increase: This will apply to the first full pay period in the new financial year. Fair Work has announced a 5.75% increase to the Minimum Award Wage and an 8.6% increase to the National Minimum Wage, however, the applicable Awards are usually released around June 30th
  • WorkCover rates: From July 1st.
  • Payroll Tax rates: From July 1st.

  Below is the sequence of the key events to take place before and after EOFY:

EOFY

  Changed to foundU halfway through the financial year? Wondering what you need to do? Check out our article.

Review & update any data

Check Employee details:

Check all employee details are entered and accurate including:

  • Email addresses
  • Employment Start Date
  • Income Type
  • Office Code

  Tip: Use the Approved People export to check the above information quickly in your platform.

Terminate & archive employees:

  • Ensure all relevant employees have been terminated & archived in their Employee Profile. When you terminate an employee in foundU, the cessation reason and date will be included in the next STP packet submitted to the ATO. This information is passed to Services Australia which reduces the need for Separation certificates.

Check Pay Items & Allowances:

  • Check all Pay Items & Allowances have been correctly set up under the correct STP category.
  • Check the Allowance Type for any Allowances that are reported separately from gross earnings.

  Tip: Use the Pay Item and Allowance Schedule report to show the current configuration of all Pay Items & Allowances in your platform.

Plan for the minimum wage increase:

  • Review your employees’ current positions. Update or change any positions that are incorrect. This can be done after the rate rise, but doing so before will mean you have a smoother experience and will help to ensure your employees are being paid correctly.

  • For labour hire, start planning for your charge-out rate increases. You likely won't update these values until the rate rise but having them ready to go will save you time during the rate rise process.

  • Have your pay guide ready!
  • Determine when you’ll perform the rate rise and set the time aside.

  • Sign up for the Rate Rise Masterclass to learn advanced tips and tricks on completing your rate rise!
Pay Superannuation

Pay Superannuation for employees before the deadline EOFY.

  Please note: Your super deadline could be sooner depending on your chosen super payment method. Each payment method and its deadline are listed below: 

Super payment via clearinghouse cut-off date:

  • The EOFY superannuation contribution cut-off date if you’re paying superannuation contributions through a clearinghouse is June 30, 2023

Super payment via Beam integration cut-off dates:

  • Direct Debit: 5 business days, must be submitted by 3:30 pm AEST on June 22, 2023.
  • Bpay/EFT: 3 business days, must be submitted by 3:30 pm AEST on June 26, 2023.

Super Guarantee %:

  • From July 1st 2023 the superannuation guarantee rate will increase from 10.5% to 11%. There is nothing for you to do a this will automatically be increased in your platform.
Process final pay & reconcile

Process your last payroll for 2022/23 as usual:

  • Ensure all pay cycles due to be processed in the current financial year have been generated.

      Please note: All payment dates after June 30 2023, will automatically form a part of the 2024 financial year.

Reconcile:

  • With the transition to STP 2, ensure to complete reconciliation for both STP 1 and STP 2.
  • Complete a reconciliation after the last pay of the financial year. To reconcile you'll need to calculate various columns of data in both the Advanced Payroll Activity Report and the STP YTD Report and confirm that your calculated totals match. 

  Tip: Use our reconciliation guide for steps on how to reconcile your STP YTD report and the Advanced Payroll Activity report.

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.

  Tip: It is best practice to reconcile your foundU platform with your accounting software. 

Finalise current Financial Year - STP Finalisation

Once you have processed your final pay and have completed a reconciliation for the Financial Year you will need to complete your EOFY STP Finalisation. 

EOFY Finalisation:

  • You will need to ensure any outstanding STP batches which require action have been submitted prior to finalising employee STP data.
  • Generate the final EOFY STP data. This will indicate the employee's YTD earnings as ‘Tax Ready’ on their income statement in MyGov.

  Tip: See our STP finalisation help guide article to assist you through the EOFY STP finalisation process.

Fringe Benefits Tax:

Annual minimum wage increase - Rate Rise

Plan for the minimum wage increase:

  • Review your employees’ current positions. Update or change any positions that are incorrect. This can be done after the rate rise, but doing so before will mean you have a smoother experience and will help to ensure your employees are being paid correctly.

      Please note: Once your rate rise has been scheduled, do not make any changes to your platform. This includes changes to your Awards, Positions and Employee Pay Rates. If you need to make a change, make a note of it and update after the rate rise has been completed. 

  • For labour hire, start planning for your charge-out rate increases. You likely won't update these values until the rate rise but having them ready to go will save you time during the rate rise process.

  • Have your pay guide ready!
  • Determine when you’ll perform the rate rise and set the time aside.

  • Sign up for the Rate Rise Masterclass to learn advanced tips and tricks on completing your rate rise!

Conduct your Award increases/Rate Rise:

  • Schedule the annual minimum wage increases to relevant Award/s using the foundU Rate Rise Tool. When you apply this depends on when your first full pay period is in the new financial year.

  Tip: Use our Rate Rise help guide article for steps on how to perform your rate rise. 

Update Charge Out Rates - Applicable for Labour Hire:

  • Determine whether you will do this during the rate rise or after.
  • Set the time aside to perform the updates.
  • Update your charge-out rates in bulk by exporting, updating and importing new charge rates.
Next steps for the new Financial Year

You may also want to address the following in your platform to prepare for the new Financial Year:

PAYG Rates Updated:

  • Please note, that any changes to the tax tables will be updated automatically in your foundU platform. 

Review and update Payroll Tax Rates:

  • Update your Payroll Tax rates including retrospective data effective from 1 July 2023. View our Payroll Tax help guide article here

Review and update WorkCover Rates:

  • Check and increase your WorkCover (WIC) rates where applicable including retrospective data effective from 1 July 2023. View our WorkCover rate help guide article here