Payroll End of Financial Year (2018)

The end of the financial year is a busy time for end of financial year. We've got it covered but you need to be aware of certain key dates, things we're doing and what you need to do.

Key Dates

Read on below for further explanations (in chronological order) ...

Superannuation
At the end of the financial year we process superannuation a little differently.

Your April - June super is due, as per normal, 28 days after the end of the quarter, ie on 28 July.

If, however, you process super early and it reaches the employees super fund by 30 June you can include it in the current year financials as an eligible deduction. If you pay it as per normal (ie by 28 July) then it will be included as an eligible deduction next year.

To give everyone the opportunity to include it as an eligible deduction we actually process superannuation twice. First time to be ready for 30 June, and then again for 28 July.

About a week before 30 June and 28 July, we process the superannuation to that point.

For 2018:

  1. we will be sending you superannuation for approval on 21 June, for submission 22 June to reach employees by 30 June
  2. For anyone that doesn't approve super before 30 June, and, in any case, to pick up any final pay runs in the last week of June, we'll be processing super as per normal in the week before 28 July

End of Financial Year payroll cross checking
Once 30 June passes we swing into action to further cross check the payroll processing that has occurred during the year. This includes, for example, that the payroll that we have processed has actually been fully paid.

If there are any anomolies we'll be in touch to sort these out.

Employee Payment Summaries (aka 'Group Certificates') and reporting to the ATO
Once all our cross-checking has been done, we'll:

  1. finalise and publish payment summaries for 14 July. Payment summaries will be available for all employees via Xero's My Payroll employee portal. This is the payroll login which employees are invited to when they were first setup for payroll.
  2. Report employee payroll to the ATO. This is due by 14 August but typically we do this at the same time as employees are notified, ie by 14 July.
  3. We will also send the payroll approver a PDF copy of all group certificates. We find that this can be an easy way to handle queries by current and prior employees looking for group certificates. This should be stored securely.