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Bookkeeping – June wages are paid in July – last pay of the year, in which year is it included if pay period crosses over June-July?

images/Red Question Mark.jpgClient question –

Quick question Paul. We have an employee paid fortnightly.

The next payment is to be made on 07/07. This includes the week 26/6 to 30/6. Does any of this have to be put through in EOFY?  Or will it be first payment for New Financial Year on new tax tables?

Solution

Payroll is always recorded 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 that matters. So the pay run is not included in the previous tax year but in July the next financial year.

You can finish your payroll year, prepare the STP Finalisation/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!

Email This email address is being protected from spambots. You need JavaScript enabled to view it. or call 0407 361 596 Australia

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