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 petty 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 10.5% and the minimum $450 threshold has been removed (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 2022 so check to see if staff need rate changed (5.2% if you are not covered by an award and 4.6% if they are covered by an award).
  • Keep in mind Single Touch Payroll Phase 2 will need to be implemented when available by the software provider.

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