EOFY Process

Set up for the new financial year

The following tasks can be done when the updated tax rates are available for the new financial year.

1.1

Import tax period information for the new financial year.

FastTrack will notify you when tax tables for the new financial year are ready to be imported.

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.

1.2

Create new pay periods for the new financial year for pay groups that will be used in the new financial year.

1.3

Add Superannuation Contribution Payment Periods to existing Contribution Payment Period records to cover the new financial year.

You will be unable to close pay batches, where the payment date falls into the new financial year, if contribution periods do not exist for the new financial year.

1.4

If you pay Employee Benefits, add Employee Benefits Contribution Payment Periods to existing Contribution Payment Period records to cover the new financial year.

Only required if you pay employee benefits.

If you do pay employee benefits, you will be unable to close pay batches, where the payment date falls into the new financial year, if contribution periods do not exist for the new financial year.

1.5

Review and, if necessary, update other date-driven items based on any rates or parameters that are changing for the new financial year.

These can include but are not limited to:

• Superannuation Eligibility Rules

• Superannuation Contribution Rates

• Workcover Rates

• Payroll Tax Rates

• Deduction Header Rates

• Leave Accrual Rates

• GST Rates

1.6

Review Pay Oncosts and Bill Oncosts and, if necessary, update oncosts rates.

1.7

Review Pay Agreements and Bill Agreements and, if necessary, update pay and bill rates.

Bulk Rate Update may be helpful if a large number of agreements need to be updated.

1.8

Review Standard Rates jobs and templates and, if necessary, update the rates.

Bulk Rate Update may be helpful if a large number of agreements need to be updated.

2.

Close off the current financial year

The following tasks can be done once the last pay batch of the financial year has been closed.

2.1

If you pay fringe benefits to any payees, add Fringe Benefits details to the affected Payee records.

This is only required for payees who have received benefits for the year ending 31 March of the current calendar year.

2.2

Reconcile payroll reports to STP EOFY pre submission reports to determine if any adjustments are necessary.

For more information, see EOFY Reconciliation.

Note that depending on timing, it may be necessary to start processing pay batches for the new financial year before reconciling the concluded financial year. Where that is the case, this task can be performed after task 2.3.

2.3

Close Pay Periods for the completed financial year.

Do not close a pay period until there are no further payments to process for that period.

Ensure only pay periods with an end date in the current financial year are closed.

3.

Complete the ATO reporting obligations for the closed-off financial year by 14th July

The following tasks should be completed after performing reconciliation to ensure that STP EOFY amounts are correct.

3.1

For each pay company, run the STP EOFY process to report the final pay information for the financial year.

Ensure you check the submission status.

If there are any errors, these must be fixed then the EOFY batch resubmitted.