The end of the financial year is almost here and there’s a lot to do!
On top of the usual financial year end reconciliations, Annual Payment Summaries, year end BAS reconciliations etc the ATO’s new Single Touch Payroll commences for organisations who pay more than 20 people.
Here are some links to very helpful webinars & articles to help you with the year end tasks!!
Payroll Year end
Join Xero for a free webinar to prepare for end of year in Xero Payroll, a must for any payroll administrator. Colleen Diver, an experienced Xero trainer, will be your presenter and will step you through a best-practice year end workflow. We will also cover any changes to Xero be aware of from the past year, and also what’s coming up in the near future.
Checklist for EOFY Payroll
Great article about steps for processing EOFY for Payroll
Tax File Number Security & Privacy – Have you received Authorisation to email Payment Summaries from your employees?
Your organisation needs to take reasonable steps to ensure the general security of Tax File Numbers. If you email out payslips or payment summaries that may contain the TFN details you need the authorisation of the Business owner and also the consent of the employee. Authorisation Form http://www.benkorp.com//Electronic_Payment_Summary authorisation.doc
Single Touch Payroll
Single Touch Payroll (STP) is changing the way employers report to the Australian Taxation Office (ATO). STP becomes mandatory from 1 July 2018 for employers with 20 or more employees, and is optional for all other employers. Find out what STP looks in Xero payroll and how easy it is to set up.
Single Touch Payroll – see this great simple overview: https://www.xero.com/au/campaigns/single-touch-payroll/
Get ready for Single Touch Payroll – free live webinars – register NOW:
See Xero’s Blog post re Single Touch Payroll:
Other End of Financial Year Topics
Xero’s EOFY for small organisations page: https://www.xero.com/au/eofy/small-business/
Xero’s on-demand Video series for small organisations: https://www.xero.com/au/training/small-business/day-to-day/end-of-financial-year-for-smb/
Please contact us if you would like to discuss this article or you need any help with your End of Financial Year processes at [email protected] or 1300 138 627
© Benkorp Management Services Pty Ltd 2018