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Here is a recording from our EOY Webinar from last 16/6/2022 year if you missed it!
https://vimeo.com/720939468/d638093b21
Our upcoming webinar will appear here:
Please download our Checklist to follow
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Key Things to Remember
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Step 1 - Reconcile your accounts
We recommend that you reconcile your payroll General Ledger accounts as of the end of May 2022 2023
It is important that your Gross Wages, PAYG Tax and Superannuation accounts are all reconciled to your GL as of the end of May. Please also pay attention to any RESC ( Salary Sacrifice ) and allowances.
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Other Key Things to Check
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Step 2 - Check your STP
Please review your STP submissions for the current financial year and ensure that they are all at completed status.
If there are any not at completed status, please ensure these submissions are completed prior to processing your final STP for the financial year.
Step 3 - Check any outstanding shifts
Prior to running your final payroll for the current financial year, we would recommend that you review the confirmed shifts area in finance and ensure that there are no outstanding shifts that require payment, invoicing or both.
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Remember, you can discard the remaining half of any shifts that are at pay only or invoice only status by right-clicking on the timesheet number and selecting discard shift permanently. Please only do this if you are not going to process the remaining half of the shift.
Step 4 - Run your final cut-off payroll
Your final cut-off payroll is signified by the end of the financial year date that is set in your system. Once you have processed a pay run with this date as a week-ending date, you will not be able to process any further payrolls in the current financial year. Any payrolls processed with a week ending date post your current end of financial year date will be considered a new financial year payroll.
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Final Date that all pay runs need to be completed by is - 30 June 2223 |
Step 5 - Send your final STP
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TIP: You are able to keep the Final EOFY STP open by having a pay year end date higher than the week ending date for final payroll week adjustment. People can do adjustments for 51 weeks but the week 52 you only get to know after the payroll run. |
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It is recommended that you reconcile your final payroll with your final GL ( using the same procedure as above ) and ensure that you are completely happy that your final Payroll Summary and your General Ledger match. Remember, you would have reconciled to the end of May so you will only need to ensure that the month of June is correct. Once all is correct and you are satisfied that your payroll for FY22 FY23 is complete, go ahead and submit your final STP
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Please also ensure that your final STP for all branches are at completed status before proceeding to change your financial year and superannuation cut-off dates for any branches.
Step 6 - Finalize your payroll tax
Before setting up your financial year, please finalise your payroll tax by reviewing the report
Step 7 - Set up your new financial year
To start a new financial year, you will need to set your start and end dates, as well as your new Superannuation, cut-off dates.
Please note: All of the above must be done prior to processing any payroll in the new financial year
Step 8 - Change in
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Superannuation Percentage
Entire Software is aware that the $450 per calendar month threshold is to be removed on super % will be increasing from 10.5% to 11% from the July 1, 20222023. - https://www.
Link for reference: Super guarantee percentage | Australian Taxation Office (ato.gov.au/General/New-legislation/In-detail/Super/Removing-the-$450-per-month-threshold-for-superannuation-guarantee-eligibility/#:~:text=From%201%20July%202022%2C%20the,guarantee%20eligibility%20will%20be%20removed.)
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Please be assured that we will carry out a system-wide update to reflect this change on your behalf. |
As always, we are here to help so if our assistance is required, please contact us as soon as possible as this will be a very busy period for all of us.
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