Understand the sequencing of tasks requiring action in your platform before & after EOFY
This EOFY timeline will help you navigate the EOFY process smoothly on your foundU platform. This step-by-step guide will assist 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 appearing on your platform in Early June. This will enable you to ensure that you don't miss any key EOFY processes. When you're ready to complete the task, click on it to follow further instructions and check it off your list!
Alternatively, you can check out our downloadable version of the checklist here.
The image below shows the sequence of key events and dates leading up to and following the EOFY. Each important date is explained in more detail in the relevant sections below. Each section will have links to the exact guides and processes you need to navigate an EOFY with foundU.
Hot tip: To make this guide easy to use, we have underlined any action items that must be addressed. We have also provided deadlines where applicable.
Before EOFY it is important to ensure that your employee's details that will be reported to the ATO are accurate and up-to-date. The same can be said for your STP reporting categories in your platform.
As the first step to a seamless EOFY, you'll want to review the data below and get it up to date. This includes:
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- Ensure that employee details are correct and complete, with no missing information in the categories that will be reported with STP finalisation.
- Ensure that any employees who have left your business have been appropriately terminated in the system.
- Ensure that all deductions, leave items, pay items and allowances have been assigned the correct STP category for reporting purposes.
- Update or change any employee positions that are relevant in preparation for the Annual Minimum Award increase.
Hot tip: As a reminder, we have underlined any items that require action.
Check employee details:
To reduce any errors when you finalise STP for the year, it's a good idea to check that employee details are entered and accurate, including their:
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- Email addresses
- Employment Start Date
- Income Type
- Office Code
Hot tip: Run the 'Approved People' export and select the above fields to check the information in your platform quickly. You can then follow up on any missing information.
Terminate & archive employees:
Ensure employees who have left your business throughout the year have been terminated and archived correctly.
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- Ensure all relevant employees have been terminated, and ensure past terminated employees have been 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.
- Ensure all relevant employees have been terminated, and ensure past terminated employees have been 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.
Review your STP reporting categories:
Review the STP reporting categories for the below items. On the off chance that you need to make changes to the STP category, users with the relevant permission ('manage STP categories') will have access to change the category assigned to deductions, pay items, allowances, and leave items.
To review STP categories on:
Hot tip: Before making a change, please note that STP category changes once made will affect the following:
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- The full financial year that is selected
- All payslips on all employees
Changed to foundU halfway through the financial year? Wondering what you need to do? Check out our article.
In early June, you can start planning for your rate rise in your platform, even before the wage increase percentage has been released.
Plan for the minimum wage increase:
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Review your employees’ current positions. Update or change any incorrect positions. This can be done after the rate rise, but doing so before will mean you have a smoother experience and will help ensure your employees are being paid correctly.
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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.
- Download the pay guides once the rate increases have been announced.
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Determine when you’ll perform the rate rise and who will do this process for your business. Set the time aside in your calendars, we recommend:
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1 hour for businesses under 100 employees, and
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2-2.5 hours for businesses with over 200 employees.
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- Watch our Rate Rise videos to learn tips and tricks on completing your rate rise!
- Should you want guided help with your rate rise, register early for one of our Rate rise Assistance packages! For a low fee, a foundU CS coach will step you through your rate rise. Please note that these sessions are very popular, so if you're interested, please make sure to book early.
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Before EOFY, you'll need to ensure that all superannuation has been paid for employees before the relevant deadlines.
Please note: The deadline for your superannuation payment will depend on the payment method your business uses.
Super payment via Beam deadlines:
To sum it up, the super guarantee for the 4th quarter of the 24/25 FY is still due by the 28th of July. If you as an employer want to proactively pay any of that earlier (so that this arrives before the 30th of June, to allow it to count towards 24/25 FY) that's up to you, but to be able to do that the deadline via beam is:
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- Direct Debit: Must be submitted by 3:30 pm AEST on June 20, 2025.
- BPAY/EFT: Must be submitted by 3:30 pm AEST on June 24, 2025.
Please note: These dates ensure that there is enough time for the bank to process the transaction and for the payments to be received by the relevant super funds before July 1.
Super payment via clearinghouse deadline:
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- The EOFY superannuation contribution cut-off date if you’re paying superannuation contributions through a clearinghouse is June 30, 2025. This allows your business to ensure a payment arrives at a super fund in the desired (24/25) financial year.
- The EOFY superannuation contribution cut-off date if you’re paying superannuation contributions through a clearinghouse is June 30, 2025. This allows your business to ensure a payment arrives at a super fund in the desired (24/25) financial year.
Super Guarantee % increase:
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- From July 1st 2025, the superannuation guarantee rate will increase from 11.5% to 12%. There is nothing for you to do as this will automatically be increased in your platform.
The updated superannuation percentage will apply to all draft payslips (including adjustment payslips) that are generated with a payment date that is on or after 1 July 2025.
- From July 1st 2025, the superannuation guarantee rate will increase from 11.5% to 12%. There is nothing for you to do as this will automatically be increased in your platform.
However, please note the following exceptions as they may or may not apply to your business:
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- No changes will be made to employees who have a 0 % super guarantee percentage in their profile. It will remain at 0%.
- If the Default Super Rate (%) for your platform is above the minimum superannuation contribution, it will remain unchanged.
- E.g if 12% was entered as the platform's default super rate, it will remain at 12%. (This setting can be found by navigating to Payroll Settings > Superannuation).
- No changes will be made to employees who have a minimum superannuation guarantee applied to their profile.
- Example of when this function is used: To manage superannuation payments for high-income earners to ensure they don't exceed the concessional contributions cap, which will increase to $30,000 in the financial year ending 2025.
- The minimum superannuation guarantee per payslip amount will need to be manually updated by an admin user.
Once you have processed your final pay for 2025, you'll then be ready to reconcile all of the pay data in your platform.
Process your last payroll for 2024/25 as usual:
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- Ensure all pay cycles due to be processed in the current financial year have been generated.
Please note: All payment dates after June 30 2025, will automatically form a part of the 2026 financial year.
- Ensure all pay cycles due to be processed in the current financial year have been generated.
Reconcile:
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- After the last pay of the financial year, you'll need to complete a reconciliation.
- 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.
- After the last pay of the financial year, you'll need to complete a reconciliation.
Hot tip: Use our Reconciliation guide for steps on reconciling your STP YTD report and the Advanced Payroll Activity report.
Reconcile payroll accounts to your general ledger (where applicable)
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- Generate the Advanced Payroll Activity for the last financial year with the ‘Cash Basis’ and ‘Separate Superannuation Contribution Types’ checkbox options selected.
Hot tip: It is best practice to reconcile your foundU platform with your accounting software.
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.
Hot tip: This year, the finalisation deadline is July 14th, which is a Monday, so you'll want to plan to do this ahead of time!
EOFY Finalisation:
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- You will need to ensure any outstanding STP batches that require action have been submitted before 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.
Hot tip: See our STP finalisation help guide article to assist you through the EOFY STP finalisation process.
Fringe Benefits Tax:
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- Import or add in any reportable fringe benefits amounts in the first step of your STP finalisation tool.
Once you have your pay guides ready and know the percentage increase as stated by Fairwork, you can process your rate rise in your platform.
Conduct your Award increases/Rate Rise:
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Review your employees’ current positions. Update or change any incorrect positions. This can be done after the rate rise, but doing so before will result in a smoother experience and help ensure that 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, please note it and update after the rate rise has been completed. - Have your pay guide ready!
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Determine when you’ll perform the rate rise and set the time aside.
- Sign up for the EOFY Masterclass, which will cover all EOFY processes, including rate rises!
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If you want guided assistance with your rate rise, sign up now for one of our Paid Rate rise assistance packages. For a low fee, you'll have a CS coach support you through the process so you can feel supported during the entire process! These were extremely popular last year so please express your interest early!
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Use the rate rise tool to perform your rate rise:
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- 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.
Hot tip: Use our Rate Rise help guide article for steps and videos on how to perform your rate rise.
Update Charge Out Rates - applicable for Labour Hire:
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- 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.
You may also want to address the following in your platform to prepare for the new Financial Year:
Review and update Payroll Tax Rates:
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- Update your Payroll Tax rates, including retrospective data effective from 1 July 2025. View our Payroll Tax help guide article here.
- Update your Payroll Tax rates, including retrospective data effective from 1 July 2025. View our Payroll Tax help guide article here.
Review and update WorkCover Rates:
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Check and increase your WorkCover (WIC) rates where applicable, including retrospective data effective from 1 July 2025. View our WorkCover rate help guide article here.
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Check and increase your WorkCover (WIC) rates where applicable, including retrospective data effective from 1 July 2025. View our WorkCover rate help guide article here.
PAYG Rates Updated:
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- Great news! Any changes to the tax tables will be updated automatically in your foundU platform.
- Great news! Any changes to the tax tables will be updated automatically in your foundU platform.