End of Pay year processing.

[annbrinck]

Hi

I pay staff both weekly and monthly - weekly pays are processed on a Thursday (so tomorrow 1st July & monthly on 15th).

1. Do I need to finalise the 20/21 STP information BEFORE I run the first weekly pay for the new financial year?

2. Can I finalise the STP information for weekly and monthly staff separately?

3. Can I just confirm that although the pay week will end on 30 June, because the payment date is 1st July, this will be considered a 2021/22 pay and super will be at 10%?

Thanks very much

Ann

[Steven_M · Accepted solution]

Hi @annbrinck 

1. You can finalise your payroll reporting (STP) at any time. You just need to ensure that you have completed all pays in that payroll year. It does need to be done by 14 July where possible but I believe the ATO has extended that date.
   
   
2. As finalise is done on an employee basis you can finalise your employees in batches or all at once. Just tick the appropriate employee in the EOFY Finalisation window in the Payroll reporting centre that you want to finalise and select Set as Final. 
   
   

3. Generally speaking, it's the payment date that determines what applicable superannuation rate should be used. As such, if that payment date falls on or before 30/06/2021 then you should be used 9.5% otherwise for pays on or after 1/07/2021 it would be 10%.  Do check out Super guarantee rate increase 1 July 2021 for more information on this topic and how to deal with that super rate change in your software.