As we are approaching the end of the financial year, it is important to get the records right to finalise the payroll. Here is an overview of the general year end payroll tasks that you should be working through:
- Make sure all employee details are accurate and up to date in your accounting software.
- Reconcile your payroll records and confirm that the payments in your accounting software reflect all payments, tax withheld, and superannuation contributions made throughout the year. Address any discrepancies or errors and make necessary corrections.
- Review the wages reported in lodged Business Activity Statements with ATO. Make sure that the payroll information reported through STP aligns with your records. Address any discrepancies.
- Finalise the payroll information by submitting the finalisation declaration to the ATO through your STP-enabled software. This declaration confirms that you have completed the reporting obligations for the financial year.
Key dates to keep in mind
|FBT Reporting||25 June 2023|
|STP finalisation for FY 2023||14 July 2023|
|June Payroll Tax and Annual Reconciliation||21 July 2023|
|Super guarantee payment for June 2023 Qtr.||28 July 2023|
|Taxable Payments Annual Report (TPAR)||28 August 2023|
|Business Activity Statement – June 2023 (doing yourself)||28 July 2023|
|Business Activity Statement – June 2023 (tax agent)||25 August 2023|
Software Specific Resources
Each payroll software differs somewhat from the next. Whilst the above steps apply across the board, how you carry them out can be software specific. To help, we’ve included below links to each major payroll software’s step-by-step guides.