Survive 30 June: EOFY Payroll Checklist

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About 5 days ago from Steve Slisar's Twitter via LinkedIn



checklist
Make it through July with our End of Financial Year Payroll Checklist.

While everyone else is excited by the prospect of receiving a fat tax cheque from Mr Tax Man, if you’re a bookkeeper you’re probably not so much excited as you are busy. If this is your first time looking after the EOFY analysis for your new business (or maybe you’ve just enrolled in our MYOB course and you’re wondering what you’ll be doing this time next year), we’ve put together an EOFY payroll checklist to help you make it through July.

Get Your Details Up to Speed

Before you get started, make sure you check you’ve got the correct details for each of your employees — check you have the correct addresses and TFNs for all staff.

Also check that employees who have been terminated have a termination date and check the annual leave entitlement flag has “carry remaining entitlement” in MYOB.

Now we can begin!

  1. Reconciliations: reconcile total gross wages payment register, outstanding PAYGW liability, super liability and payroll tax for the year — see the Institute of Certified Bookkeepers payroll tax resource on the ICB website
  2. Print Reports: print payment register summary and payroll entitlement balance sumarry/detail
  3. Reconcile PAYG Withholding: see Insitute of Certified Bookkeepers payroll checklist resource
  4. Prepare Payment Summaries: remember salary sacrifice and ensure you send magnetic media form and EMPDUPE file to the ATO by 14 August
  5. Rollover Payroll Year: backup payroll file and store in payroll folder, rollover year to the next payroll year and load new tax tables
  6. Superannuation: don’t forget that the superannuation guarantee increased to 9.25% from July 1 2013.

For more tips to help you through EOFY analysis, see our EOFY checklist or visit the Institute of Certified Bookkeepers website. Happy EOFY!

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Steve Slisar

Steve Slisar has been training people how to use computers since 1994, opened a training centre in 1999 in Dee Why and by 2005 had 3 training centres and created over 35 individual courses that include Screen videos with audio commentary, training workbooks for those who prefer to read to learn, and exercise files that are used with the tasks in the workbooks so you get practical experience in the software you are trying to learn. Now the creator of 5 of the most popular online MYOB training courses in Australia.

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