With only a little over a month until the end of the financial year, we’ve put together a checklist of important tasks to make your year-end transition a smooth one. Even if your business slows with winter on its way, this is often one of the busiest times of year for paperwork!
1. Review budgets and goals for the remaining half of the year
The new financial year is a great time to review and adjust, if necessary, your goals and strategy for the remainder of the year. When combined with a new budget for the financial year, taking a day or two to assess progress, hurdles and desired outcomes for the remainder of the year, is time well spent.
2. Ensure you’re ready for Single Touch Payroll
If your business employs over 20 people, STP is a significant change to the way you manage your reporting to the ATO. Before 1 July arrives, you must have found a payroll system that will manage this reporting; and you’ll need to communicate the relevant changes to your employees. STP will mean no longer needing to provide payment summaries for the 2018-19 financial year and onwards, so educating employees regarding myGov access could help with a smooth transition.
3. Be prepared for wage increases
In early June, we expect the Fair Work Commission to report on their decision for a minimum wage increase, which then flows onto the 122 Modern Awards, and often, enterprise agreements. Wage increases generally apply from the first full pay period on or after 1 July. If your pay week starts on a Monday, the new pay rates would apply from Monday 2nd July.
4. Reconcile payroll information
There’s nothing more stressful than running your end of year payment summary reports, only to find that the figures aren’t balancing. It’s good practice to reconcile your payroll and superannuation payments monthly, even more so once STP applies.
5. Start to review information for Workers’ Compensation
The new financial year will require you to submit projected wages information to your workers’ compensation insurer. You’ll also need to provide accurate information on this year’s wages expenses. Giving some thought to projected employee numbers and wage growth will help to give more accurate projections so you’re not over or underestimating dramatically for the year.
If there are a million things you’d rather do than what’s covered above, our managed payroll solution may be just what you need. Our online solution, managed by real people on the Sunshine Coast, makes it easy to be prepared for all your payroll requirements, so you can focus on the parts of your business that you love!