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Bookkeeping – End of year June final pay falls in new financial year and paid in July

images/Bookkeeping.JPGClient question –

Just a quick question. We have an employee being paid fortnightly.

The next payment is to be made on 03/07. This includes the week 27/6 to 30/6. Does any of this have to be put through in EOFY?  Or will it be the first payment for New Financial Year on the New tax tables?

Solution

Payroll is accounted as a cash payment in the accounts – that is, WHEN it is paid

Regardless of what period it covers – it is WHEN it is paid. So the pay run is not included in the previous tax year.

You can finish your payroll year, prepare the Payment Summaries – check you include in Gross Payments, any NEW payroll types/categories if you created any during the year

Then roll forward to new payroll year, and you can process the 7/7 payroll that covers end of June days and some of July days.

To confirm – see the ATO discussion here, and also, you can find information about end of year payments to employees on the ATO website.

Need help? Not sure? Call for FREE 30min advice / strategy session today!

Call and you also get FREE “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right!

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