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 30th 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.