End of Financial Year (EOFY) Checklist

Contents

• EOFY Tasks
• EOFY Submission - With STP
  • Process a Final Event
• Superannuation
  • Payment of Early Superannuation June 2022
• New Financial Year Changes

EOFY Tasks

After your last pay run dated in June, please check that Taxable Earnings and PAYG totals balance to match the amount reported and paid to the ATO. If there is a difference, submit a variation and pay the balance.

Add any Reportable FBT amounts to be reported on employees’ Income Statements in myGov (or Payment Summaries preceding STP) prior to, or in the last pay run, with a pay dated in June, if not already done so. (Use the ‘Payment Summary only’ Pay Element, FBT). This will then be included in your employees’ Income Statements.

EOFY Submission

If you are STP enabled, you do NOT need to provide Payment Summaries to your employees or the Payment Summary Annual Report (PSAR) to the ATO. You will instead need to process a Final event for the tax year by going to Tax > STP Update Event by 14^th July.

Employees can access their finalised Income Statements from http://my.gov.au.

For instructions on completing a final event for Single Touch Payroll see the Process a Final Event article.

Superannuation

Payment of Early Superannuation June 2022

Due to super funds being unable to guarantee that monies will be processed in time for EOFY if received after 20^th June, the cutoff for payment of early super by CloudPayroll will be different this year.

If you would like your June Superannuation paid early, you will need to have processed the payrolls and informed CloudPayroll by Friday 17th June 2022. This will give the funds sufficient time to clear. We strongly advise that, if possible, you process additional super payments in May payrolls prior to the end of month as the most foolproof method of ensuring your funds are received in time.

The fee for the early processing of superannuation is $45.00 + GST.

If processing by end of May 2022 or June 17th 2022 is too early, CloudPayroll will not be able to manage your early payment of super. However, you can still submit your super early via your nominated employer fund as explained below:

1. Contact CloudPayroll to move across the payrolls you want to pay yourself to superannuation setting “Managed by Yourself” (this is to ensure they aren’t also debited and paid in the July 2022 debit).
2. Download your Super Remittance SAFF file for the month from Reports > History > Superannuation Remittance > Create SAFF File, and contact your superfund for processing.

New Financial Year Changes

The new tax tables and superannuation (if applicable), and any other changes, will be updated automatically, so when a payroll dated in July is open, the changes will be applied.