These are some MUST DO points to be completed
For the checklists of what is required in each point, Click here for details
- Check your employees’ records
- Review pay items and their settings
- Post and file any pay runs for the 2022/23 financial year
- Process any outstanding superannuation payments
- Reconcile your payroll accounts, including payroll related bank accounts
- Review the Payroll Activity Summary report against the Payment Summary Details report
- Identify and amend any mistakes
- Process STP finalisation
When all that’s done so is your FY23 payroll !
Now you can rest easy knowing that your payroll year-end is complete.
Looking ahead to FY24, pay runs with a payment date on or after 1 July 2023 will be processed in the next financial year, and any new tax rates will be applied automatically. The Super Guarantee (SG) rate is also increasing from 10.5 percent to 11 percent on 1 July 2023 for the 2023/24 financial year. Pay runs with a payment date of 1 July 2023 or later will have the new rate automatically applied in employees’ payslips, as long as their superannuation line has been set up with a Rate Type of Statutory Rate.
If your organisation is impacted by changes to the minimum wage, you will need to manually update your employees’ pay templates. You can learn how to create or edit a pay template for an employee by checking our Xero Central article. To find out if these changes could affect you, please refer to the Fair Work Ombudsman.