EOFY Payroll Requirements

11th June 2021

The end of the financial year is just around the corner….. 

Is your business ready to Finalise Payroll and undertake all compliance requirements for 2021?

At Henson Lloyd Accountants we have an experienced Bookkeeping team dedicated to providing our clients with Monthly / Quarterly Bookkeeping: including but not limited to BAS Preparation, Accounts Payable, Accounts Receivable, Payroll, Data Entry, Bank Reconciliation, and Monthly / EOY reporting.

As the Financial Year comes to an end, there are a number of Payroll Finalisation actions which must be completed to comply with legislation – including RevenueSA, ATO and Return to Work SA (RTWSA).

Our team is experienced in all facets of End of Year reporting and can assist you with any or all of the following:

  • Single Touch Payroll Reporting
  • Finalisation of PAYG Summaries
  • Annual Reconciliations with RTWSA
  • Annual Reconciliations with RevenueSA for Payroll Tax
  • Superannuation Monthly and Quarterly payments

Single Touch Payroll (STP)
From 1 July 2021 there is no longer an exemption for small employers and closely held employee relationships. All payrolls will need to be reported to the ATO on a regular basis. From 1 January 2022 this is further expanded and more detailed information will be required to be reported.

Single Touch Payroll (STP), is an Australian Government initiative to reduce employers’ reporting burdens to other government agencies. It has also encouraged employers to utilise an STP enabled software for the preparation of their payroll to allow this reporting to occur efficiently.

If you are not already reporting payroll, we are happy to assist you to find the right solution for your business.
For those of you who are already reporting but are looking for assistance with payroll preparation and/or compliance, we are happy to help.

RTWSA (Workcover) and Payroll Tax
There are many factors to consider to ensure you pay the correct premium for your Workcover, and pay the correct amount of Payroll Tax.  While Wages and Salaries for all employees including Superannuation and other benefits must be included when reporting, as with most things, there are exceptions.  This can be tricky to navigate and we are here to assist you.  To ensure you are reporting correctly and effectively covered, please contact us to discuss how we can assist.

PAYG Payment Summaries
Under pay as you go (PAYG) withholding, you must prepare PAYG Payment Summaries for each of your employees, workers and other payees. A PAYG Payment Summary, shows the payments you have made to them and the tax amounts that have been withheld from those payments during a financial year. These PAYG Payment Summaries are provided to your employees via their individual MyGov.

If we can be of assistance to you and your business at this busy and sometimes confusing time, please contact us at the office (08) 8431 1644 to discuss how we can help!