Get ready for EOFY 19/20 with KeyPay!

Get ready for EOFY 19/20 with KeyPay. Image of Bertie and KeyBot holding a calendar that says EOFY.
Last updated: 9 June 2020

Don’t let the end of the financial year scare you! KeyPay is here to provide you with all the tools you’ll need to make wrapping up the Financial Year 2019/2020 as smooth as possible. This blog will help you with understanding key End of Financial Year (EOFY) tasks that need to be completed, and equip you with knowing how to implement them effectively within KeyPay.


Our EOFY resources at a glance:

Webinars

Our webinars are a useful way of gaining knowledge on how to access and utilise tools within KeyPay that will help you in the EOFY process. There are two topics offered:

Topic Description Details

End of Financial Year processing with Payment Summaries

This webinar is designed for businesses who have not yet started or are not required to start reporting to the ATO via STP. This includes WPN holders and businesses with closely held employees as they are exempt from reporting to the ATO via STP for this financial year.

This webinar will show businesses with these specific requirements how to generate payment summaries for their eligible employees by covering:


  • Tips on reconciling data to ensure everything is correct before processing payment summaries
  • How to report FBT amounts on the payment summaries
  • How to generate and publish payment summaries to your staff
  • Methods of lodging payment summary data to the ATO
  • ATO deadlines for lodging payment summaries with the ATO and providing that information to your employees
  • Obligations for WPN holders and closely held employees for the new FY

*If you're a business that has a combination of closely held employees and non-closely held employees, we recommend that you also attend our EOFY processing with STP Finalisation webinar.

18 June 2020 (Thurs)

10am AEST

Register here

End of Financial Year processing with STP Finalisation

This webinar is specifically for businesses that have already been reporting to the ATO for Single Touch Payroll during this financial year. We will show you how to process your End of Year using our purpose built Finalisation Wizard!

In this webinar, we'll be covering:


  • Tips on reconciling data to ensure everything is correct before lodging finalisation event
  • Using the EOFY wizard to report a finalisation event
  • How to report FBT amounts via STP
  • ATO deadlines for reporting your End of Year finalisation
  • What your employee can expect to see via their myGov account
  • Difference between Payment Summaries vs Income Statements and what it means to your employees

17 June 2020
(Wed)

24 June 2020
(Wed)

1 July 2020
(Wed)

10am AEST

Register here

EOFY guides

In each of our five guides below, our team walks you through the steps necessary to process crucial EOFY tasks in KeyPay.

Topic Description

7 housekeeping tips for End of Financial Year

Have you got everything in order? We’ve rounded up 7 housekeeping tips to kick start your preparation for the End of Financial Year with KeyPay.

End of Financial Year guide 2019/2020 - Payment Summaries

Relevant for businesses that are exempt from reporting STP, and have therefore chosen not to, during the 2019/2020 financial year.

This article will guide you through the process of wrapping up the 2019/2020 financial year, generating and lodging your employees' payment summaries and getting ready for the 2020/2021 financial year.

Processing of Payment Summaries - FAQs

End of Financial Year guide 2019/2020 - Reporting Single Touch Payroll (STP)

Relevant for employers that have been reporting to the ATO for STP during this financial year, as well as all businesses which do not fall within the exemption for WPN holders and small businesses with closely held employees.

The article will guide you through housekeeping and then the finalisation process for the 2019/2020 financial year.

Processing using STP - FAQs

Publishing Employee Payment Summaries and Lodging PAYG payment summary reports to the ATO

*Specifically for payroll administrators who have not been STP reporting for FY 19/20

Completed all of your End of Year Reconciliation? We walk you through publishing payment summaries and lodging PAYG payment summary reports to the ATO.

All things STP

Everything you need to smoothly set up and roll out STP within KeyPay.

Topics covered include how to register for STP, STP guide, processing finalisation events, creating and lodging an amended finalisation event.

7 housekeeping tips for the End of Financial Year

7 housekeeping tips for the End of Financial Year

Last updated: 9 June 2020

By following our top housekeeping tips for End of Financial Year in KeyPay, you can avoid frustrating issues.

  1. Check employees’ Tax File Numbers: Ensure employee Tax File Numbers are valid. If an employee's Tax File Number has been entered as ‘111111111’, you should make sure the employee is contacted for the correct data.

  2. Do your clients have approved working holiday makers in their business? Check if an employee’s working holiday maker flag is correct: This can be done on the employee’s tax file declaration page.

  3. Joined KeyPay mid-Financial Year? Importing your YTD balances to KeyPay means you only need to undertake one finalisation event or payment summary lodgement per employee. If reporting via STP, refer to our transitional options available.

  4. 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.

  5. Make sure reportable employer super contributions have been processed in the pay run.

  6. Ensure that 'allowance' pay categories and deduction settings are properly configured.
  7. Reconcile end of year lodgement data with payroll reports to ensure what is being lodged 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!


Publishing Employee Payment Summaries & Lodging PAYG payment summary reports to the ATO for EOFY 19/20 with KeyPay
Publishing Employee Payment Summaries and Lodging PAYG payment summary reports to the ATO.

Publishing Employee Payment Summaries and Lodging PAYG payment summary reports to the ATO

Last updated: 9 June 2020

Note: This piece is specifically for payroll administrators who have not been STP reporting for FY19/20.

Publishing employee payment summaries

Once you’ve completed all of your End of Year Reconciliation (if not, read here), you will be able to view payment summaries before they’re published for peace of mind.

Deadline for issuing employee payment summaries: 14 July

Once published, a notification can be sent to employees at that time or scheduled for any time. The employee will also have access to their payment summaries if they go to the employee portal or in the WorkZone app.

For guidance on publishing Employee Payment Summaries, view our step by step instructions here

Lodging PAYG payment summary reports to the ATO

The next step is submitting PAYG payment summary information for employees to the ATO.

The ATO requires that all businesses submit PAYG payment summary information for their employees by August 14. To make this simpler, PAYG payment summaries can be lodged electronically through KeyPay. Alternatively, if a client’s preference is to lodge the EMPDUPE file through their business portal, we can also facilitate this.

Lodging electronically via SBR is the quickest method, but you must ensure the client is set up for electronic lodgement. To check if they’re set up:

  1. Go to 'Payroll Settings' > 'ATO Settings' tab and make sure all this information is entered correctly. HINT: you can use the ‘copy from business settings’ option.

  2. On the Electronic Lodgement & STP tab you will be able to see if they are enabled for electronic lodgement. If not, you can click on the Enable Electronic Lodgement option and this will direct you to our Single Touch Payroll set up process. For STP exempt businesses, this set up will allow electronic lodgement of payment summaries. Remember to register your client’s software ID with the ATO first! Our Enabling ATO Integration for Single Touch Payroll article will assist with that.

  3. If your client has more than one employing entity set up in their business, don’t forget to enable electronic lodgement for all employing entities!

  4. To check this is enabled, go to 'Payroll Settings' > 'Employing Entities'. If you need to enable the employing entity click on the Enable Electronic Lodgement option within the relevant entity and confirm that the software ID has been registered.

Once set up, follow the steps in our support article to lodge via SBR. Alternatively, you can upload the EMPDUPE file to the client’s ATO business portal. Click here for steps on how.


All things Single Touch Payroll with KeyPay for EOFY 19/20
All things Single Touch Payroll

All things STP

Last updated: 9 June 2020

Everything you need to smoothly set up and roll out STP within KeyPay. Note: Some of the information below may no longer relevant, given the introduction of STP Phase 2. Refer to our support article here for updated information.

Topics covered:

What is STP?

STP is a government initiative that was introduced to streamline reporting obligations. It started from 1 July 2019 for employers with 19 or less employees (businesses with 20 or more employees were required to be STP compliant in July 2018).

In a nutshell, STP requires employers (or their registered agent/intermediary) to report payments such as salaries and wages, PAYG withholding and super information directly to the ATO from their payroll system. This must be reported after every pay run has been finalised but no later than the employee's payment date.

How to register for STP

To get started with STP for your clients, KeyPay has an STP registration wizard that you can easily follow to enter all the required business details, show you how to register the software ID with the ATO and enable the payroll software for the electronic lodgement of STP information to the ATO. 

You can access the wizard from two areas in the software: 

  1. Payroll Dashboard
  2. ATO settings > Electronic Lodgement & STP tab

Once you’ve accessed the wizard, follow the three steps laid out in our STP Registration Wizard support article and your clients will be enabled for STP!

STP guide

We’ve prepared an STP guide to help you navigate through all the necessary components required to undertake STP reporting. This includes changes to existing business settings, new configuration settings, how to create pay events and ultimately successfully lodging pay events.

Additionally, our End of Financial Year Guide 2019/2020 - Reporting STP will guide you through housekeeping and then the finalisation process for the 2019/2020 financial year.

STP Page in KeyPay

KeyPay’s STP page is available to all partners and their clients that have enabled STP and can be accessed via Reports > Single Touch Payroll (under the 'ATO Reporting' list)

From here you can view the details of all historical events as well as perform other actions like creating a new pay run, creating an update event and launching the finalisation wizard

More information regarding the STP page can be found here.

Validation Warnings in STP Events

This article lists the validation warnings set up within KeyPay that you may see once you have created a pay/update event. We have put these warnings in place to reduce the possibility of a failed or partially successful lodgement. However, please note, some errors can only be identified AFTER the event has been lodged with the ATO.

STP: Processing Finalisation Events

There are 2 ways within KeyPay to lodge your finalisation event. 

  1. Update event functionality
  2. STP EOFY Wizard

The support articles above will guide you through completing end of year processing (ie processing a Finalisation Event) using each of those methods. 

Note that the STP EOFY Wizard does include additional functionality over an update event, being:

  • Ability to bulk import RFB amounts for employees;
  • Send notification emails from the platform once the finalisation event has been successfully lodged; and
  • Accessing the amended finalisation event wizard if further finalisation events are required.

Creating and Lodging an Amended Finalisation Event

If, after having successfully lodged a finalisation event for your clients' employees, you identify that an employee's earnings need to be adjusted, you will need to lodge an amended finalisation event.

This support article provides instructions on how to lodge an amended finalisation event for clients reporting their end of year through STP.

*Note: You’re required to lodge the amendment no later than 14 days after having identified the need to do an amendment.

Managing failed or partially successful STP events

There may be instances where a pay event is deemed partially successful. The reason for this would be that one or more employee records failed. N.B. To clarify, all other employees whose records do not fail are successfully lodged with the ATO. 

Our Managing failed or partially successful STP events support article provides instructions on how to manage this scenario if it occurs.

Other useful articles for STP:

With all these resources up your sleeves, this EOFY is sure to be organised and stress free!

Disclaimer: The information in this article is current as at 1 June 2022, and has been prepared by Webscale Pty Ltd (ABN 70-154-693-955) and its related bodies corporate (KeyPay). The views expressed in this article are general information only, are provided in good faith to assist employers and their employees, and should not be relied on as professional advice. The Information is based on data supplied by third parties. While such data is believed to be accurate, it has not been independently verified and no warranties are given that it is complete, accurate, up to date or fit for the purpose for which it is required. KeyPay does not accept responsibility for any inaccuracy in such data and is not liable for any loss or damages arising either directly or indirectly as a result of reliance on, use of or inability to use any information provided in this article. You should undertake your own research and to seek professional advice before making any decisions or relying on the information in this article.

Carissa Tan

Marketing at KeyPay

LinkedIn

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