Whether you need to finalise Single Touch Payroll data or produce payment summaries, this downloadable checklist will help you navigate
the end of year payroll process from start to finish.
Once you’ve completed the steps, your year end for payroll is complete and you can jump straight into the new financial year; no need to
close off or roll over your payroll, just continue as normal.
For any additional help, check out Xero Central, or reach out to us for help.
| STEP 1: REVIEW |
Reduce filing errors by reviewing key information before you report any information to the ATO. |
| STEP 2: RECONCILE | Now you’ve reviewed all the key details in your organisation, reconcile payroll transactions to your accounts. Payroll reports are based on the payment date of pay runs and not the pay period end date. You can adjust the date range of reports to see the information you need. |
| STEP 3: PROCESS |
Finalise Single Touch Payroll Data Businesses using Single Touch Payroll (STP) will need to finalise employee wages, PAYG, and superannuation for the financial year by completing a STP finalisation. To begin, navigate to the Finalisation screen from the Single Touch Payroll menu. You can also follow the steps in Xero Central. Prepare & Finalise Payment Summaries If you aren’t filing pay runs with Single Touch Payroll, you’ll need to prepare payment summaries for employees for this financial year. You’ll also need to submit the Payment Summary Annual report (PSAR) to the ATO or, if you have more than 99 employees, download the EMPDUPE file for manual lodgement. For detailed instructions on preparing payment summaries, click here. |
| STEP 4: ADJUSTMENTS |
If adjustments are required, here are two recommended options; • Process an unscheduled pay run to adjust the employee’s pay.• Revert the
last posted pay run per pay calendar to draft, make the amendments, and post again. For detailed instructions on correcting payment summary errors, click here. |
| STEP 5: SUPERANNUATION | To claim a deduction on superannuation accruals submitted via Auto Super in Xero for the financial year, super batches must be approved by the authoriser no later than 2.00pm AEST, 14th June of the financial year. This allows enough time for the payments to be debited and forwarded to the super funds by the 30 June deadline. |
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