End of financial year is one of the busiest times of the year for any Australian business. Not only that, but it is also a business critical process which is important to get right, the first time. It is a crucial process to remain compliant by completing the required financial, tax returns and reports for the latest EOFY, while providing the opportunity to strategise for the year ahead.

Preparing for EOFY 2024

Before completing the final submission to the Australian Taxation Office (ATO), routine checks to ensure the accuracy and compliance of your data is required to avoid inaccurate calculations which may result in fines and penalties. The best way to avoid non-compliance is to ensure that the business applications that your organisation uses, have rigorous data and quality controls built-in. Not only saving your team time when completing final EOFY checks, but also during day-to-day business operations.

Optimising payroll processes with Aurion

Whether you are a seasoned pro or if this is your first year experiencing EOFY madness, additional resources and personalised advice can go a long way to support your business. Our experts at Aurion have cultivated extensive resources, guides and training options to support our diverse customer community. This includes the following resources tailored for both our software and managed payroll service customers:

  • eLearning Courses
  • EOFY Guide
  • In-person and online training
  • EOFY Checklist

Helpful tips for EOFY 2024

For a rapid-fire rundown of what you need to keep in mind for EOFY 2024, we have put together a few helpful hints for Australian businesses.

Review employee information

Ensure the details of your employees are recorded correctly, including their most up-to-date banking and contact information.

Check Superannuation contributions

Verify that all superannuation contributions have been accurately calculated and distributed.

Update your payroll software

To avoid missing any compliance critical software updates relating to STP2 and other industry-specific changes, ensure your organisation is operating with the most recent software iteration available.

Keep informed

Actively monitor and stay in the know of any changes relating to Australian legislation and regulations which may affect your organisations people and payroll to remain compliant.

Download your free EOFY payroll checklist

Specially formulated by our team of experts for the Australian financial year, we have created this checklist to help keep your payroll on track and compliant for EOFY 2024.

Let’s chat!

If you need a payroll partner who supports you with your EOFY processing, speak with our expert team. Our Aurion payroll specialists are available to discuss how we can streamline your payroll and provide additional support. You can reach our team by:

We’re excited to partner with you to make life work better!