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How to Prepare Your Business for EOFY

Updated: Jun 13

Prepare for EOFY
Preparing your business for EOFY

Want to rest assured your business is prepared for EOFY - keep reading!

⏰ But before we get started Reminder Alert!!! ⏰

May IAS due 21st June

Before we broach the EOFY subject, a reminder that some employers need to pay PAYG withholding liabilities to the ATO monthly, even if the BAS is lodged quarterly.

Whether you are submitting your own statement or utilising our lodgement service, the monthly instalment activity statement (IAS) and payment must be made by the 21st.

Things to review before finalising the IAS:

  • Have you allocated all payroll related bank transactions to the correct accounts?

  • Have you checked your payroll detail reports for accuracy?

  • Have you classified the different payroll items such as allowances, bonuses or director fees correctly?

  • Have you included relevant payroll items or categories at W1 reporting field?

  • Do you need to include amounts such as no ABN withholding?

  • Have you had to prepare any special pay runs such as termination payments that require manual tax calculation?

Checking the accuracy of the IAS figures each month ensures your statements are more likely to be accurate and less likely to need adjustments at the end of the financial year. This means that issuing annual payment summaries to employees and preparing your ATO payment summary annual report will be straightforward and prompt.

Did you know The Neill Family Group can assist with preparing your monthly IAS or review your business accounting systems to make sure you are correctly categorising and reporting all pay items - sing out if you need us to take this over.

More Reminders! ⏰ EOFY Superannuation Deadline is Approaching!⏰

A reminder that the Superannuation Guarantee quarterly payment deadline for the 2023/24 financial year is due Sunday 30th June 2024.

  • 18 June: We suggest you submit and approve Auto Super batches by 2pm on this date if they relate to tax deductions for this financial year. This should allow for contributions to reach superannuation accounts no later than 30 June 2024.

  • 1 July: Superannuation Guarantee increases from 11% to 11.5% - most payroll systems will prompt you to update but if not The Neill Family Group can assist.

  • 14 July: STP finalisation date. More information on that below 😊

Preparing your business for EOFY

To help you get ready for the End of Financial Year and to process your payroll for year-end, we've put together a collection of key dates and resources we think you'll need to keep top of mind.

We have trawled MYOB, Quickbooks and Xero to find all the resources you need to help you ensure you meet compliance and your reporting deadlines below.

Xero Clients

  • Blog on everything Xero and EOFY

Keep up to date on the latest EOFY payroll changes and steps to a seamless finalisation processes for FY24 with this blog Read More.

  • Download Xero's Payroll Finalisation Checklist

Download this best-practice checklist to help you complete your year-end payroll. Check off each step in the process, and get links to more information (can we just say, this is actually pretty handy for Non-Xero businesses!!). Download Now.

  • Is this your first time finalising EOFY in Xero??

Register for a live webinar on completing your first year-end payroll in Xero. The Xero experts will show you what to check before you start and how to finalise Single Touch Payroll data with the ATO - Wednesday, Jun 12, 2024 at 12:00 PM to 12:45 PM. Register Now.

  • A reminder that the Superannuation Guarantee quarterly payment deadline for the 2023/24 financial year is due Sunday 30th June 2024. For help, see Xero's guide to processing superannuation payments using Auto Super - linked here

MYOB Clients

  • Blog on everything EOFY written by MYOB

MYOB has put together all the key dates and information you need to be

prepared for EOFY. Read More.

  • Download MYOB's Payroll Finalisation Checklist

Download MYOB's checklist to help you complete your year-end payroll (you need to register to download it...if you don't want to, use the Xero Payroll Finalisation List above) Download Now

  • MYOB's Tips for A Company's First EOFY

Read this article for MYOB's instructions on handling your company’s first EOFY Read More.

Quickbooks Clients

  • We found every Quickbooks article for EOFY 😉. You have to give it to Quickbooks, they have a lot of info and a great community to help answer your questions Find Them Here

  • A step by step guide for Quickbook's EOFY Finalisation for Business Owners Read Here

  • Quickbooks End of Financial Year Processing using STP. Read More.

  • Download Quickbooks EOFY Checklist to help you complete your year-end tasks (you also need to register to download, if you don't want to, use the Xero Payroll Finalisation List above) Download Now

  • Making Tax Time Less Taxing with Quickbooks Article on Key Dates, Checklist and Info. Read More.

Are you on another software and want to know how to finalise your books for EOFY - reach out so we can assist you with information specific to your software. Unless you're on Handisoft, in which case we'll can assist with migrating your business accounts to something a little more 21st Century 😉

Happy EOFY from The Neill Family Group! 💸

The Neill Family Group

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