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Tip: In preparation for EOFY there are some checks you can do to check the configuration of your system to ensure you avoid some common issues. These checks are listed in the table below along with suggested corrective actions if your configuration is not correct. |
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Task | Description | Notes |
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Close off the current financial year | ||
1.1 | Generate and deliver Employment Termination payment summaries for all payees who were terminated in the financial year. | This step is optional and required only if you are choosing to issue payment summaries to payees. Employment termination payments are reported through STP and therefore you are not obligated to issue ETP payment summaries to payees. |
1.2 | Import tax period information for the new financial year. | Ensure you re-login to the system after importing the tax information - you will be unable to create new pay periods for the new financial year if you do not re-login after importing the tax period information for the new financial year. |
1.3 | Close all pay batches for pay periods that end in the current financial year. | |
1.4 | Run any relevant payroll reports to check pay information for the current financial year and make any adjustments if necessary. | Specific payroll reports that may help you with EOFY reconciliation are:
You may also want to use to the Pay Enquiry. For more information, see also EOFY EOFY Reconciliation. |
1.5 | Close pay periods that end in the financial year that is or has ended. | If you optionally choose to issue payment summaries to payees, generate and deliver Employment Termination payment summaries for all payees who were terminated in the financial year before you close off the last pay period of the financial year for each respective pay group. You will be unable to generate Employment Termination Payment Summaries for a financial year once all pay periods ending in that financial year have been closed. |
1.6 | Create new pay periods for the new financial year. | |
2. | Complete the ATO reporting obligations for the closed-off financial year | |
2.1 | For each payee who has received fringe benefits for the fringe benefits year ending 31 March of the current calendar year, add details of the fringe benefit amounts to the relevant payee records. | |
2.2 | For each pay company, run the STP EOFY process to report the final pay information for the financial year. You must do this by 14 July. | If you optionally choose to issue payment summaries to payees, also generate and deliver end of year payment summaries for the closed financial year after you have finalised the financial year via STP. However, do not submit a Payment Summary Annual Report (PSAR) file to the ATO for the financial year that you have finalised via STP. |