Client question – Just a quick question. We have an employee being paid fortnightly.
The next payment is to be made on 07/07. This includes the week 26/6 to 30/6. Does any of this have to be put through in EOFY? Or will it be first payment for New Financial Year on new tax tables?
Solution – Payroll is taken as a cash payment in the accounts – that is, WHEN it is paid, regardless of what period it covers – it is WHEN it is paid. So the pay run is not included in the previous tax year.
You can finish your payroll year, prepare the Payment Summaries – check you include in Gross Payments, any NEW payroll types/categories if you created any during the year.
Then roll forward to new payroll year, and you can process the 7/7 payroll that covers end of June days and some of July days.
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