Completing your EOFY payroll
Finalising your year-end payroll
It's important to note the final pay period for the financial year is the one that is PAID before the end of the financial year. The first pay period of the next financial year is the first one that is PAID during the following financial year. This means that it is normal to have a first pay period that includes days from both financial years. Any tax or superannuation changes in the new financial year will apply to the entire pay period in that first pay run.
1. After you have processed the final wages for the year, in the Single Touch Payroll form, tick the Final Event Indicator (termination pays will automatically be ticked) checkbox. All employees need to have a final event indicator for finalise the end of financial year.
What if there is no pay to be processed?
If there is no pay to be processed for employees, like in case of casuals, you can either enter a pay for them with an amount of $0 dollars and send this as a new file, OR send an update for their last normal pay ensuring the Final Event Indicator is marked (If this had not been done when it was first lodged).
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