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How to Prepare Your Business for EOFY

Preparing 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.

The monthly instalment activity statement (IAS) and payment is due on the 21st, whether you are lodging your own statement or using our lodgement service.

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.

We 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.

Preparing your business for Eofy

To help you get ready for 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 top of mind.

Key dates for your diary:

14 June: We suggest you submit and approve Auto Super batches by 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 2023.

1 July: Superannuation Guarantee increases from 10.5% to 11%

14 July: STP finalisation date.

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 Processing EOFY payroll

Keep up to date on the latest EOFY payroll changes and steps to a seamless finalisation processes for FY23 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 (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 21, 2023 at 12:00 PM to 12:45 PM. Register Now.

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. 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.

Quickbook Clients

• We found every Quickbooks article for EOFY 😉. 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.

• 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!

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