Starting a New Financial Year in Wages

You can start a new financial year by following the below steps:

1. 1. In the Employees section of Wages, select [Tools] in the top left
   
2. 2. Select [Financial Year]
   
3. 3. Select [Start New Financial Year]
   

 

4. 4. The financial year ending will read 202X, select [Save]
5. 5. A message reading “New Financial Year created. Would you like to adjust your employee’s superannuation rates?’’ will appear. Select [Yes] as the superannuation rate has increased to 11.5% for the 2024/25 financial year.
   
6. 
   
7. 
   
8. 
   
9. 
   

You are now in the Financial Year and ready to process your first payroll in July.

Note: You can view the previous financial year at any time by going to

1. [Tools],
2. [Financial Year] and
3. Selecting [View Previous Financial Year].
   

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. 

 

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