3 things to get right for EOFY
Jun 26, 2015
End of financial year is a busy time, with a lot of things to get right. Last month in our “end of financial year is coming” blog post, we spoke about some things you could start preparing for before July 1st. In this post we follow up with payroll items you are going to want to pay attention to before the deadline and have ready for 2015/16 financial year.
Here are three big things to get right for this coming financial year.
1) Payroll Tax Tables for 2015/16
Every year the government releases new tax tables which changes how much you withhold for the government in your payroll. It’s important to ensure that you apply the new tax tablets only after the 1st July 2015, and before your first payroll of the new financial year.
Xero Tax Tables
Tropical Business Solutions are Xero Silver Partners (and developers), and as such we can assist with migrating to Xero from other accounting software’s, setting up new Xero subscriptions, and everything Xero related. So… what do you need to do for Payroll Tax Tables for 2015/16?
Nothing. It’s done for you automatically. Because Xero is amazing software!
MYOB Tax Tables
Tropical Business Solutions are a MYOB partner and developer… as such we can help you with any issues that you may have with MYOB. In particular, the below is a great short assist for checking and loading new tax tables for the new financial year.
To check the tax tables currently loaded
Go to the Setup menu and choose General Payroll Information. The Tax Table Revision Date shows the effective date of the tax tables that are currently loaded. If there are newer tax tables, you'll need to load them (see the following procedure).
To install the latest tax Tables if required
- If you haven't already done so, install AccountRight 2015.3 (you'll see a notification that the update is available when opening your company file). NOTE: for Tropical Cloud users you may need assistance with this portion of the process.
- Open the company file you want to update.
- If you have multiple versions of AccountRight installed, ensure you open AccountRight 2015.3. To see which version you have opened, go to the Help menu and choose About MYOB AccountRight.
- Go to the Setup menu and choose Load Payroll Tax Tables. The Load Tax Tables window appears
- Click Load Tax Tables.
- You only need to complete these steps once for each company file.
- Where Tropical Business Solutions technicians install updated software when requested to do so, we do not apply the latest tax tables as this is the role of your payroll officers, UNLESS we also do your payroll.
The government has created new laws and processes for businesses and their superannuation requirements, which actually streamline how your report and pay for super for your staff (no more individual reporting to various super funds). From 1st July you should be using SuperStream for your payrolls Super. It is a massive change for business, but progress is a good thing – especially if it makes it easier! If you would like assistance with setting it up and using it with software like Xero or MYOB, please let us know (and call 08 8922 0000).
3) Payment Summaries - To Staff & The ATO
July 14th 2015 is the deadline to have your payment summaries to both the ATO and your staff.
MYOB and Xero again both have facilities to assist with this process, with Xero in particular making it easier to send the reports to the ATO directly from within the software package and emailing summaries to staff automatically (talk about a time saver!)
Tropical Business Solutions
Director at Tropical Business Solutions.