Year End Payroll Tasks for Employers Made Easy

June 6, 2024

Simon Madziar
Simon Madziar

How does the year-end payroll process differ from regular payroll processing?

Year-end payroll processing involves additional tasks like reconciling payroll, preparing for tax season, and ensuring compliance with annual reporting requirements. It requires a comprehensive review of the entire year's payroll data to accurately report wages, deductions, and taxes for each employee.

Year End Payroll Tasks for Employers

As the financial year-end approaches, ensuring accurate records is crucial for finalising payroll. Here’s an overview of the general year-end payroll tasks you should address:

  1. Employee Details:
    • Verify that all employee details are accurate and up-to-date in your accounting software.
  2. Reconcile Payroll Records:
    • Confirm that payments in your accounting software reflect all wages, tax withholdings, and superannuation contributions made throughout the year.
    • Address any discrepancies or errors and make necessary corrections.
  3. Review Wages Reported:
    • Check the wages reported in lodged Business Activity Statements with the ATO.
    • Ensure that the payroll information reported through Single Touch Payroll (STP) aligns with your records.
  4. Finalisation Declaration:
    • Submit the finalisation declaration to the ATO via your STP-enabled software.
    • This declaration confirms completion of reporting obligations for the financial year.

Key dates to keep in mind 

 

Date
STP finalisation for FY 202414 July 2024
June Payroll Tax and Annual Reconciliation 2024 for Queensland22 July 2024
Super guarantee payment for June 2024 Qtr28 July 2024
Business Activity Statement – June 2024 (doing yourself) 28 July 2024
Business Activity Statement – June 2024 (tax agent) 25 August 2024
Taxable Payments Annual Report (TPAR)28 August 2024

Software Specific Resources 

Payroll software varies slightly from one another. While the general steps are the same, the way they are executed may depend on the software. For assistance, we have provided links to detailed guides for each major payroll software.

MYOB 

Xero 

QBO

Feel free to ask if you need further assistance, help with your accounting, bookkeeping or taxes? Mahler Advisory can help! Click below to call or schedule a online appointment with us.

*Please note that the above information is general advice only. We recommend you seek advice from a specialist relevant to your personal situation. This information is correct at the time of publishing and is subject to change*

Tax laws and regulations can change over time, so it is important to stay informed about any updates or amendments that may affect your tax obligations. The Australian Taxation Office (ATO) is the authoritative source for the most up-to-date information regarding tax requirements and regulations in Australia.

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