Year End To Do List – Payroll

I’ll be posting a few of these to do lists in the coming weeks as we near the end of financial year.  I can’t believe it’s going to be June 30th soon.  While I never tire of hearing about the whole “boring accountant” generalisation thing at least as an accountant I get 2 new years eve’s each year!

As employers you must provide your employees with payment summaries no later than July 14th – it’s really not a very long time so it’s best to be organised.

Before you prepare your staff payment summaries:

1.  Reconcile your bank account 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.

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 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 computerised bookkeeping, there is usually a patch available for download.  It’s important to do this because while there are no tax changes this year, the thresholds for HELP, FSD, ETP’s and commissions etc will all be effected.

3.  Check to make sure superannuation is calculating to be 9.25% rather than 9%.

If you run into any problems along the way, feel free to contact us using the form below.  We’re happy to assist and we will get back to you within 24 hours.

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