As always there are a lot of things to consider for the end of financial year and starting a new financial year so we have put together some tips below to help.

Top tips to help with end of financial year:

• Once you have run your last pay run for the financial year, reconcile the payroll liability accounts (wages payables, superannuation payable & PAYG withholding payable) and finalise your Single Touch Payroll. This will make reconciling/preparing your WorkCover, Payroll Tax & Taxable Payments Annual Report (if applicable) easier
• Review aged debtors & creditors to ensure all amounts being carried forward are recoverable or payable
• Reconcile all bank, credit card, loan and pretty cash accounts
• Perform a stock take if applicable on 30^th June to ensure correct stock valuation

Top things to consider for the new financial year:

• Superannuation guarantee rate has now changed to 11% (most software programs will automatically make these changes but it is best to check when preparing the first pay run)
• National minimum wage increases as of 1 July 2023 so check to see if staff need rate changed

Key Due Dates:

• STP Finalisation 14/7/23
• Payroll Tax Reconciliation 28/7/23
• Taxable Payments Annual Report 28/8/23
• WorkCover Reconciliation 15/9/23

If you have any questions or need help with any of the above, please reach out as we are happy to help.