EOFY Payroll

You’ve probably heard of End of Financial Year (EOFY), but did you know that payroll also has some EOFY tasks of its own? We have put together a short checklist to help you:

• Process any outstanding adjustments – you know those things that you’re meant to get done during the year; perhaps it’s sorting out an allowance which should have been paid or reconciling the wages and super to resolve any over or under payments
• Check that each employee has a date of birth, tax file number (TFN) and a superannuation fund.  If you’re missing any of this information or you think it might be incorrect, chase it up and fix it now!
• For any employees who have left your business, ensure they are updated with a finish/end date
• Check that all pay runs done during the financial year have been filed and accepted by the ATO.  If there are any with errors or any outstanding, you will need to get them resolved and filed.
• Process your final pay run for the year and file the EOFY Single Touch Payroll (STP) finalisation with the ATO.  Pay runs for this financial year will have a payment date on or before 30th June
• Process the final and any outstanding superannuation payments
• Ensure all the wages and super payments in your file have been coded and reconciled.
• Now take a short coffee break and pat yourself on the back – all the hard work is done…until next year!

If require any assistance with your EOFY payroll, please contact us – we have a team of specialists who can help you out.

– Louise Hogg

Posted 28.06.2024

This article is compiled as a helpful guide for your private information and is subject to copyright. We suggest that you do not act solely on the basis of material contained in this article because items are of general nature only and may be liable to misinterpretation in particular circumstances. We recommend that our advice be sought before acting on any of these crucial areas.