By following our top housekeeping tips for End of Financial Year in Roubler, you can avoid frustrating issues
- Check employees’ Tax File Numbers: Ensure your employee's Tax File Numbers are valid. If an employee's Tax File Number has been entered as ‘111111111’, you should make sure you contact the employee for the correct data.
- Do you have approved working holiday makers in your business? Check if your employee’s working holiday maker flag is correct: This can be done on the employee’s tax file declaration page.
- Joined mid-Financial Year? Importing your YTD balances to Roubler means you only need to undertake one finalisation event or payment summary lodgement per employee. If reporting via STP.
- Check if employees have Fringe Benefits Tax that needs to be reported: Reportable FBT must be entered separately – RFBA's cannot be entered via pay runs.
- Make sure reportable employer super contributions have been processed in the pay run.
- Ensure your 'allowance' pay categories and deduction settings are properly configured.
- Reconcile your end of year lodgement data with your payroll report to ensure what you are lodging matches with what has been processed for the financial year. Refer to our recommended reconciliation tips for payment summary lodgement and STP finalisation events.
For a stress-free EOFY, we strongly recommend commencing the above process as soon as possible. Fixing any configuration settings or invalid data before you start your end of year processes means you’ll have less reconciling to do after the final pay run of the financial year. It will be much less time consuming and you'll be far less likely to have to make any adjustments after the fact!
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