How to complete your End Of Financial Year (End Of Financial Year (EOFY) Survival Guide)

Sharlyce Reed

Jun 30, 2024

2503

🎯 You do NOT need to complete the below before processing a pay run for the new Financial Year! However, please ensure you have completed up to and including STEP 5 by 14 July 2024.

🎯 DO NOT Zero STP YTD Balances once you have completed STEP 5, as this will advise the ATO these Payees YTD Balances are ZERO.

STP END-OF-FINANCIAL-YEAR PROCESSING CHEAT SHEET CHECKLIST

✔️ Tick when completed.

STEP 1 - Ensure you have processed all required pay runs within the Financial Year.

STEP 2 - Generate your Superannuation Reports and pay the required Contributions for the period.

STEP 3 - Enter FBT (Fringe Benefit Tax) balances for the Financial Year Ending 31 March 2024 for the required Payees.

STEP 4 - Print Reports to assist in completing your End Of Financial Year.

STEP 5 - Create and Submit your (EOFY) Final Event.

That's everything done! You don't need to do anything other than grab a cuppa. You're ready to process your first pay run in the new financial year.

Version 3.1.0 (Commercial) was deployed to all Tenants on 17 June 2024 and includes all required taxation and superannuation changes that apply from 1 July 2024.

The Employer SG Increase from 1 July Alert (Modal) will be displayed for each Payee when the Pay Run Pay Day Date is on or after 1 July 2024.