When is EOFY 2023?
For most businesses in Australia, EOFY 2023 ends on Friday the 30th of June. Businesses are required to submit people and payroll processing for the previous 12 months (1 July 2022 to 30 June 2023) which meet the compliance and regulatory requirements of the Australian Taxation Office (ATO). These tasks can include tax returns and planning for the next financial year.
2023 EOFY Key Dates
- 30 June – EOFY 2022/23 ends
- 1 July – Superannuation Guarantee rate changes to 11%
- 14 July – STP Finalisation due (for any number of employees)
Tips on how to process EOFY 2023 payroll in Australia
This time of year can be stressful for businesses as it is so important to accurately process and report people and payroll requirements. Our expert team have put together a few quick tips which you can follow to ensure you get everything right.
1. Review
Before you start reporting, it’s a good idea to ensure company details are correct to minimise errors. Make sure your key company information, such as company / trading name, ABN and postal address, is accurate and up-to-date.
2. Reconcile
After you’ve reviewed your key company information and checked your employees are correctly set up, it’s time to reconcile your payroll transactions. Your reports should reflect dates based on when your company pay runs occur, not pay period end dates.
3. Process
When you’ve completed reconciliation, you’ll need to prepare to finalise your EOFY data for the ATO – this is called the ‘STP Finalisation Process’. Check again that key company details are correct.
Payroll services for Single Touch Payroll – Phase 2 (STP2)
As an ATO Digital Service Provider (DSP), our people and payroll solutions are compliant with STP2 regulations and our cloud solutions are optimised to adapt to any changes if the need arises.
More than a payroll system
We’re your people and payroll partners. As EOFY is one of the busiest times of year for our customer community, we’re here to help. Our EOFY Resources Centre (log in required) has everything you need to process payroll for EOFY 2023.
No more asking, “How do I process payroll for EOFY?”, our team have got you covered!
We’re here to support organisations who are live with STP2 and those that have chosen to defer their transition. Our dedicated team offer a range of free resources and optional training and services to support all of our customers. Whether you’re on STP Phase 1 or Phase 2, our comprehensive resources will have everything you need this EOFY:
- Key Dates
- eLearning Courses
- EOFY Processing Guides
- Frequently Asked Questions (FAQs)
- EOFY Checklists
- Range of public, private and 1-1 personalised training sessions with our consultants to give you the confidence to complete your EOFY processing in accordance with organisational and ATO requirements
Let’s chat!
For your most uncomplicated payroll solution, speak with our expert team. Our Aurion payroll specialists are available to discuss how we can tailor your optimised payroll solution to let your workforce thrive! You can reach our experienced team by:
- calling 1300 287 466
- sending an email to hello@aurion.com
- filling out this contact form and we’ll reach out to you
We’re excited to work with you to make life work better!
