End of Financial Year Process for New Zealand

There are specific tasks that need to be completed at the close of a financial year. The general end of financial year process is as follows:

Close off the current financial year by doing the following:

Importing 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.

Closing all pay batches for the current financial year (i.e. pay batches with a period end date prior to 1 April).
Closing all pay periods for the current financial year (i.e pay periods with a period end date prior to 1 April).
Running any relevant payroll reports to check pay information for the current financial year and make any adjustments if necessary.
Creating new pay periods for the new financial year.

2. Perform the ESCT end of year process.

The tasks listed above are general tasks that must be carried out at the end of each financial year. There are a number of other date/validity period-driven maintenance items within the FastTrack360 system that may require updating before you process any pay batches for a new financial year depending on any tax and payroll-related legislation changes and depending on how your business uses the system. These maintenance items include, but are not limited to, the following:

Maintenance Item	Notes

Maintenance Item	Notes
KiwiSaver	Employer contribution rate may need to be updated if a new rate is to apply from the beginning of the new financial year.
ACC Employer Levy	The ACC Employer Levy Threshold may need to be updated if the threshold changes as of the new financial year. The rates for specific ACC codes may need to be updated if the rates change as of the new financial year.
Public Holiday Payments	Any existing public holiday payments that will no longer be applicable as of the new financial year must be end-dated. If the rules for an existing public holiday payment change as of the new financial year, the existing rules must be end-dated and new rules must be created and must be dated to take effect as of the start of the new financial year. Any new public holiday payments that will take effect as of the new financial year must be created and must be dated to be valid from the start of the new financial year.
PAYG Leave	If PAYG leave rules change as of the new financial year, end date the existing PAYG leave rules and create a new set of rules to take effect as of the new financial year.
GST	GST rate may need to be updated
Deduction Header	Date-driven settings may need to be updated
Leave Types	Year/date-driven leave types may need to be updated
Pay and Bill Agreement	New pay and/or bill agreements may need to be added Conditions of existing pay and/or bill agreements may need to be updated Pay and bill rates of existing pay and bill agreements may need to be updated respectively