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AccountRight Plus and Premier, Australia only
End of payroll year has never been easier.
If this is your first time, you'll find there's not much you need to do. If you're an old hand at payroll, you'll notice there's now a lot less to do.
Get started by installing the latest AccountRight version. It has everything you need to make end of payroll year a breeze.
Important changes for 2020
For those who have struggled through year-end in the past, you'll be pleased to know we've removed a lot of the tedious tasks, including
- installing a compliance update
- closing the payroll year
- manually loading new tax tables
- preparing payment summaries
If you're keen to learn more about these changes that were introduced in AccountRight 2020.2, see the AccountRight 2020.2 blog.
OK, let's get into it.
At the end of the payroll year, it's all about your employees and the ATO. Just ensure you've paid one and reported to the other.
Take a look:
Enter all pays up to 30 June 2020. If a pay period spans the payroll year, it's the payment date that determines which payroll year it belongs to. Need a payroll refresher?
Check the year-to-date amounts you've sent to the ATO for the payroll year. You can do this in the Single Touch Payroll reporting centre (Payroll > Payroll Reporting > Payroll Reporting Centre).
Finally, let the ATO know you're done for the year by finalising your Single Touch Payroll information.
Once you've finalised, your employees will be able to complete their annual tax returns. That's right—no need to prepare, print or email payment summaries. This is 2020, not 1985.
Receiving JobKeeper payments?
Don't forget you need to provide monthly declarations to the ATO about your current and next month's turnover under the JobKeeper scheme.
What's happens now?
You're all done for another year and you're ready to start processing pays in new payroll year.
See you in 12 months.