Tips for a smooth EOFY closing. End of Financial Year can be a stressful time of the year. Here are our 6 tips to help you get it right this time around.

1. 6 Housekeeping
tips for End of
Financial Year

2. Fixing any configuration settings or invalid data before
you start end of year processes will mean your clients
will have less reconciling to do after the final pay run of
the Financial Year.

3. 1. Have you checked employee details?
Ensure employee name, address, date of birth and Tax
File Numbers are valid. If an employee’s Tax File
Number has been entered as ‘111111111’, you should
make sure you contact the employee for the correct
data. By making sure that data is correct, it’ll save you
from having to resubmit STP finalisation.

4. 2. Have you checked approved working holiday
makers?
Do your clients have approved working holiday makers
in their business? Check if their employee’s working
holiday maker flag is correct. This can be done on the
employee’s tax file declaration page.

5. 3. Do you need to report Fringe Benefits Tax for any
employees?
Make sure you’re familiar with their reporting
requirements. You can easily report FBT for each
employee via Single Touch Payroll as an STP event, or
via payment summaries if the client isn’t yet using STP.

6. 4. Have you allocated the correct STP classification to
pay categories?
Ensure you have your pay
categories/elements/allowances set up with the correct
STP classification. These classifications will determine
whether earnings should be reported as gross earnings
or allowances etc., or whether they shouldn’t be
reported (e.g. living away from home allowances).

7. 6. Ensure you’re set up to increase the SG rate
The legislated Superannuation Guarantee (SG) rate will
increase from 9.5% to 10% from July 1 2021. You can
rest assured we will be applying this increase
automatically. However, there are exceptions if:

8. The ‘Automatically update super rates’ checkbox is not
ticked in Payroll Settings.
The ‘Override’ checkbox in the ‘Super rate’ column in
an employee’s Pay Rates screen is ticked
The ‘Override’ checkbox in the ‘Super rate’ column of
any pay rate template is ticked
Ensure your settings are changed accordingly if you
want an automatic update!
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