Check
- Check ALL employees details for current addresses and tax file numbers
- Remove any full stops and commas from addresses
- Check terminated employees have a termination date
- Check annual leave and personal/carers leave entitlements flag has ‘Carry Remaining Entitlement’
Reconciliations
- Reconcile total gross wages to payment register YTD report to wages expense YTD
- Reconcile outstanding super liability = unpaid superannuation for the month/quarter
Reports to print
- Payroll payment register summary YTD
- Payroll entitlement balance summary/detail
Reconcile PAYG Withholding
- Reconcile outstanding PAYGW liability = unpaid PAYGW for the next BAS
- Reconcile unpaid PAYGW to balance sheet PAYGW liability
- Check PAYGW paid for the year equals payroll summary YTD Tax
- Check PAYGW paid for the month/quarter = payroll summary monthly/quarterly
What information is required for STP Finalisation
When preparing for end of year payroll you need to check that all required information is available.
- Obtain the FBT reportable amounts
- Obtain the RESC amounts for the payment summary, especially when the accountant maybe managing the super contributions based on tax planning.
Other employee’s details to review and check are:
- Employee current address
- Employee TFN
- Employee entitlements up to date
- Terminated employees in prior years deleted or flagged to not report with payment summaries
- Terminated employees if ETP involved, were ETP payment summaries issued at the time of termination
- Check RESC superannuation contribution categories are correctly linked in payment summary
Contact the accountant and/or business owner for information which you may require from them, and also report to both parties at end of year. See Reporting to the Client and the Accountant for templates and checklists.
What is RESC?
Reportable Employer Superannuation Contributions that an employer makes on behalf of their employees.
RESC includes contributions where an employee influences the rate or amount of super contributed for them and additional contributions made above the compulsory contributions. These Reportable Employer Super Contributions are for contributions before-tax and not after-tax. Below is a table showing some scenarios defining whether the super is RESC or not.
When do I have to finalise STP Income Statements?
Income Statements for employees have to be finalised by 14 July and lodged with the ATO by 14th August.
How do I Income Statements to employees?
Income Statements will be available in real time through your employee’s myGov portal. There is no need to provide any other documentation from your payroll system. If your employees don’t have access to a myGov account they can obtain their information directly from their tax agent or the ATO.
If you need assistance with any of your EOFY payroll processing, please contact us for help.
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