Payroll EOFY check list FY2025

Payroll EOFY check list FY2025

Payroll EOFY check list

  1. Super that is to be included for EOFY 2025 must be received by super fund before the 30th June 2025. Most super funds are requesting receipt by the 23rd June.
  2. If your employees receive fringe benefits (e.g. car parking). The fringe benefit must be added to the employees' staff card before submitting their Final Pay declaration, (the FBT year is from 1st April – 31st March).
  3. Finalisation declarations must be made by the 14th July 2025 for STP reporting.
  4. Before submitting your declaration for final pay for EOFY2025, please check the following:
    1. All wage and commission payments for the FY2024-2025 have been processed.
    2. Your payroll records balance with your accounting software and super and tax paid. The following reports may be used to check the details: WAGE001 – Wage Payment Summary, WAGE 003 – Super Summary by Super Fund, WAGE007 – Wage Payment History and WAGE013 – Super Reconciliation by Staff.
    3. Finalise any staff who have left your employment during the financial year if you did not send through the termination details to the ATO when processing their final pay. You will need to record the Termination Date and Reason and process a Single Touch Payroll update for the employees.

Submitting the STP Update for EOFY

      1. Select FY 2025
      2. Select ALL employees paid using STP during from 01/7/2024 to 30/06/2025 & select Final Pay for FY
      3. Click on OK 
      4. Check that the STP submission report to ensure the totals match your WAGE001 report, then submit.



Once you have reported and finalised your employees’ information through STP, Let your employees know that their income statement is available through their myGov account.

myGov Account

  1. On 1st July employees will see the status of information in their myGov account change from ‘year-to-date’ to ‘not tax ready’ until the finalisation declaration is submitted.
  2. Once the finalisation declaration has been submitted the status will change to ‘tax ready.’
  3. All employees need a myGov account to download their income statement.  If they have not already set up an account, the ATO provides instructions and a video to show them how to set up a myGov account

What's changing for FY 2026

  1. Superannuation Guarantee is increasing from 11.5% to 12% on 1st July 2025
  2. The default company settings will be updated on 1st July 2025 to reflect these changes
  3. The default Superannuation Settings can be found under the Administration menu item, Agencies. Double-click on the agency item displayed in the grid to open the form and check under the 'Wages & Working Conditions' tab.

Current Settings                            Updated settings as at 01/07/2025
       

Maximum super contribution base

The maximum super contribution base is used to determine the maximum limit on any individual employee's earnings base for each quarter of any financial year. Employers don't have to provide the minimum support for the part of earnings above this limit.

Table 23: Maximum super contributions base

                        

What do you need to do?

Check current superannuation settings on the WAGE015 report.
Any changes to individual staff cards will need to be made prior to any payments after 1st July 2025.




Once the maximum super payable per quarter figure on the employee staff card is reached, the system will not calculate super on any additional payments for that quarter.

Note: The system does not track if the concessional contribution threshold has been reached if making additional salary sacrifice payments.

Wage Increase

The Fair Work Commission has announced a 3.5% increase to the National Minimum Wage and the Minimum Award wages.
This increase will apply from the first full pay period on or after 1st July 2025


You will need to enter a Wage Change for any employees with a wage increase or changes for the new financial year prior to any payments made with a date paid after 1st July 2025.

Questions

If you have any questions regarding EOFY please submit a support request by emailing support@multiarray.com, and a member of our team will be happy to assist you.



                                          


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