– EOFY Preparation – Payroll
I can’t believe it’s going to be June 30th soon. As accountants, we are blessed with 2 new years eves and I am seriously counting down the days and really looking forward to the beginning of the new financial year. As the end of the financial year draws closer, I’ll be posting a few EOFY preparation to do lists to assist you in making this year end process a little easier.
As employers you must provide your employees with payment summaries no later than July 14th – you don’t get very long to get things sorted so it’s best to be organised.
EOFY Preparation – Payroll
1. Reconcile your bank accounts to the 30th of June.
2. Confirm that the wages you are reporting on your BAS match the gross wages you intend to report on your payment summaries.
3. Ensure that all staff details are entered into your system such as TFN, full names and addresses.
Then check to see if you’ve met all of your obligations:
1. I always like to reconcile the superannuation that was owed for the year to the actual superannuation paid for the year in case there’s been any changes or I have forgotten to make any payments.
Then check to see if you’ve met all of your obligations:
1. I always like to reconcile the superannuation that was owed for the year to the actual superannuation paid for the year in case there’s been any changes or I have forgotten to make any payments.
2. If you are in the building or construction industry, don’t forget you need to lodge the Taxable Payments Annual Report by July 21st.
3. Double check that the PAYGW shown on your payment summaries matches the PAYGW you have paid on the BAS’s during the year.
4. Don’t forget to send the ATO their copy of the payment summaries together with the payment summary statement or alternatively the EMPDUPE file if you are using computerised payroll.
Before you do the first pay roll after July 1st:
1. Prepare your payment summaries. If you use a desktop computerised system you may have to roll your payroll year forward and this may cause difficulty in preparing your payment summaries once this occurs. I always find it easiest to finish one year off before starting the next.
2. Make sure you have updated your tax tables. If you are using a desktop computerised system there may be a patch you need to install to update the tax tables. Online systems should automatically update.
3. Check to make sure superannuation is calculating to be 9.5%.
IQ Accountants | Accountants / Bookkeepers Gold Coast / About Author
Managing Partner
I’m Kyelie Baxter, the managing partner of IQ Accountants. I have 20 years of public practice experience.
I am also the back-to-back winner of Australian Accounting Awards in 2020 and 2019 Partner of the Year (Boutique Firm). MYOB 2019 Certified
Consultant of the Year. 2018 MYOB Accountant of the Year. Furthermore, I am a past Telstra Businesswomen’s Award finalist. I believe that the most important function of being a good accounting advisor, is to be able to simplify the accounting process for all clients. When I’m now at the office, I love spending time with my husband and 2 children.
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