Final Wages Payment EOFY

Chaimyob

Hello

My first wages payment of next financial year is due on Friday 1st July. Is it ok to bring it forward one day and do it on the 31st June, to give me more time to finalise. I will include Friday 1st July, but have payment date for Thursday 31st June. Therefore payment will be dated in this financial year.

Thanks

Leesa

gavin12345

Hi @Chaimyob 

 

You can use whatever payment date suits you and your employees. The payment date determines the FY that the wages are considered 'earned' by the employees. If you use 30 June 2022, all of the gross will be included in the FY 2022 Income Statement for the employees, even if some of the pay is for 1 July 2022.

 

Regards

Gavin