EOFY and EOPY is almost here … are you ready?

EOFY (End of financial year) here are some tips and checks to get you through …

Visit MYOB for an EOFY checklist and Video to help you through and don’t forget your EOPY (End of Payroll Year) procedures too.

  • Process your last pays for the year
  • Review your payroll reports and reconcile them to your PAYG witholdings for the financial year
  • Prepare your Payment Summaries (Group Certificates)
  • 4th Quarter Super Guarantee (SG) Payments need to be processed and paid before 30th June if you want to qualify for a tax deduction in the 2017/2018 financial year. Paying the 4th quater SGC after 30th June 2018 will delay the tax deduction for this payment until the 2017/2018 financial year.
  • Prepare for and conduct a Stock Take at June 30

From 1st July

  • Close your payroll year and adopt the new tax tables for your first payroll in the 2017-2018 year
  • If you have any compliance updates for your financial software install them now.
  • Ensure your Payment Summaries are posted to Employees by the 15th July
  • Super Guarantee Rate will remain unchanged at 9.5 %  from the 1st July 2018, please make sure your records and accounting program are correct.
  • If your business has more than 20 Employees you will need to be doing Single Touch Payroll.  To find out more contact our office or the ATO.

and don’t forget

  • the Monthly BAS is due 21st July
  • the Quarterly BAS and PAYG installment notices are due 28th July

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