As the financial year comes to a close, it is crucial to make sure a smooth and accurate transition into the new fiscal period. In this guide, we will address some of the most frequently encountered issues during the EOFY process and provide practical solutions to help you navigate through them. By following these recommendations, you can streamline your EOFY procedures and minimise any potential discrepancies, providing a seamless transition and accurate financial reporting.

Table of Contents

• Entering RFBT for previously terminated employees
• My ATO settings are reflected incorrectly. What do I do?
• How do I run an update event after running a finalisation event with an amended finalisation event?

Entering RFBT for previously terminated employees

If an employee has previously been terminated and finalised in a pay event throughout the financial year, they will not appear in the finalisation events.

If you need to add Reportable Fringe Benefits via STP for an employee who is not in your finalisation event, you will need to complete it in either an update event and add the amounts, OR an amended finalisation event.

You can find more information here.

My ATO settings are reflected incorrectly. What do I do?

The difference between the Total Reportable Gross from the EH STP reports and the Gross Payments amounts downloaded from the ATO platform in EH is due to the Salary Sacrifice amounts deducted from your employee's wages.

As part of the STP2 reporting requirements, submitted STP pay events must include the total, pre-sacrificed gross payments made to employees and separately report the Salary Sacrifice/Pre-tax deduction amounts. The ATO then uses these figures to calculate the "employer (payer) totals" which are then populated into your ATO platform and used for W1/W2 prefilling of your activity statements. So the calculations for these two "Gross" amounts are slightly different.

How do I run an update event after running a finalisation event with an amended finalisation event?

Each financial year should end with a Finalisation or Amended Finalisation Event, as that is what creates the Tax Ready Status with the ATO.

While you have completed a Finalisation Event, there is an Update Event lodged after it which will have effected the Tax Ready status of your employees.

You will now need to create and lodge an amended finalisation event to complete your EOFY requirements.