HOME ABOUT US ARTICLES BLOG FAQ CONTACT US
HOME ABOUT US ARTICLES BLOG FAQ CONTACT US
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software

Articles Blog

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!

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

~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software

CATEGORIES


CUSTOMER LOGIN





Forgot your password?
Forgot your username?

YOUR CART

The cart is empty

Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software

CATEGORIES


CUSTOMER LOGIN





Forgot your password?
Forgot your username?

YOUR CART

The cart is empty

Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
© Account Keeping Plus 2020   |   Website Design by Best Web Site Design Melbourne    |   Admin