Where does my final pay run of the year belong? #EOFY 📅
Does my last pay of the year belong in the current or next financial year?
Are you getting close to processing your last pay run of the financial year? Have you been wondering which period it belongs in? Its really easy to understand once you know 😊
📅 Why the Pay Date is important
The pay date is the determining factor on where your pay run belongs, not the pay period.
If your pay run has a pay date on or before June 30 then it falls in the 2022/23 financial year. Conversely, if the pay run has a pay date of 1 July or after then that pay run belongs, and will be included in, the new financial year.
ℹ Other important things to know
As you know, your Single Touch Payroll (STP) submissions need to be actioned on the pay date or before of the respective pay run. You can create pay runs and send STP submissions prior to the pay date if or when required.
Are you ready to send through your End of Financial Year finalisation? Check out our walkthrough below -
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