8 Steps to complete before the new Financial Year begins
The start of a new financial year at tax time always looks promising, but also a bit daunting. But before you embark on a new year, your friendly central coast tax accountant wants to advise there’s still a couple of pages to close from the last financial year.
Payment summaries need to be completed and given to your staff by the 14 July, and most importantly the new tax tables need to be updated in your software so your staff are paid correctly for the first pay run of the new financial year.
We’ve put together a list of the end of payroll year, which takes you through the eight steps you need to complete before you do the first pay run of the new financial year.
- Process the last pays for the 2017/2018 financial year
- Print the key payroll reports
- Reconcile PAYG withholdings
- Identify workers under labour hire arrangements
- Print Payment Summaries
- Back up the company file
- Close the payroll year
- Load new payroll tax tables
Firstly, you need to complete the final pays for the 2017/2018 financial year, and then print these key payroll year reports:
- Employees Activity Summary
- Employee’s Register Summary
- Entitlements Balance Details
- Superannuation reports
These reports have all the information you will need to reconcile your year-to-date PAYG withholding figures, and this process will help to check that you have remitted the full amount of PAYG withholdings that you’ve collected during the payroll year (the ATO is interested in this part!).
Next, ensure your employees’ payment summaries are correct, printed and available. This includes identifying any staff under labour hire arrangements.
And now comes the fun stuff – backing up your company file, install the 2019 compliance updates if you accounting program requires it, closing your payroll year, and load the new tax tables (if your accounting program requires it).
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