The new financial year has commenced, which means it's time to get your annual payroll finalised. Here's a few key tips to make your end-of-year payroll a breeze!
- Generate your end-of-year summary reports before commencing payroll finalisation so you can check and reconcile your payroll as you work through the process.
- Check your employee details are correct. With the ATO now receiving real time information, incorrect employee details such as dates of birth or an invalid post code will cause the lodgement to fail.
- Payment summaries need to be issued to employees by 14 July, and lodged with the ATO by 14 August
- If you commenced reporting under Single Touch Payroll (STP) during 2018/19, you need to lodge your STP finalisation by 31 July. The STP finalisation is sent to your employees MyGov account and the ATO at the same time.
- If you started STP in a prior year, your finalisation is due by 14 July
- If you're reporting under STP you don't need to provide a payment summary to employees. Your payroll system may have removed the option to generate payment summaries once STP is enabled.
Talk to our friendly team today if you need any help with the above. Contact us on +61 7 3378 7399 or via email at info@gillmckerrow.com.au
