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You must close the payroll year in the last month of your payroll year or soon after. Otherwise, you won't be able to enter pays for the next payroll year.
Need more help? We've got experts available to help you answer your EOFY questions.
What you need to do
Do the following tasks to close your current payroll year and start a new one.
Enter all pays for June.
Remember it’s the payment date that determines the year a pay is reported in a payment summary. For example, if a wage is paid to an employee in June, it’s considered a June pay - regardless of the pay period it covers. Likewise, if the payment date is July, even if the pay period includes dates in June, the pay is considered a July pay.
Review at least the following two payroll reports to make sure the payroll transactions entered for the year are correct:
Unless you started using the payroll features part way through the payroll year, the totals of these reports should match. If these reports are different, it means the Pay History in an employee's card has been edited.
Prepare payment summaries (if you haven't been using Single Touch Payroll).
If you've been reporting payroll information to the ATO using Single Touch Payroll, you won't need to prepare payment summaries. Instead, you'll need to finalise your Single Touch Payroll information.
|4||Close the payroll year|
|5||Update the PAYG tax tables|