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Get set up for the new tax year with Xero Payroll

Xero

With another tax year almost wrapped up, are you ready to tackle year-end payroll? Double-check payroll reportings Review key reports like the P32, P11s, Gross to Net, and Account Transactions to ensure your posted pay runs are reconciled. Its a good idea to start doing it now.

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Get set up for the new tax year with Xero Payroll

Xero

That’s why we have prepared some resources to guide you through a frictionless payroll year end, and be ready for the start of the 2023/24 tax year. We have also introduced a new checklist within Xero Payroll to streamline your tasks and make it easy as we approach year end.

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Steps to ensure a seamless EOFY in Xero Payroll

Xero

And a good place to start is with finalising payroll. This EOFY in Xero Payroll will be slightly different than previous years. Because of the introduction of Single Touch Payroll (STP) Phase 2 reporting. Now that you’ve made the transition, you can prepare your payroll data for STP finalisation.

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Five steps to a seamless payroll year end

Xero

For those working in payroll, that can only mean one thing: year end is approaching. There are four key changes in New Zealand payroll calculations for the new financial year: Adult minimum wage will increase to $22.70 Check for any transactions incorrectly reconciled against your expense accounts. It’s that time of year again.

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Better off on Xero: Steps to process and finalise payroll

Xero

Preparing your payroll to make finalisation as easy as possible come July. Check your employees’ records As part of Single Touch Payroll (STP) , there are key compliance requirements that affect the way employees are set up in Xero. A good place to start? Completing your EOFY is better off on Xero.

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Steps to perfect your payroll this EOFY

Xero

However, most of us will have completed an EOFY using Single Touch Payroll (STP) before, so wrapping up the 2021/22 financial year should be smooth sailing. . If you’re using Single Touch Payroll (STP), ensure all of your pay runs have been filed to the ATO successfully. Troubleshooting tips.

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Product wrap from Xerocon Sydney 2022

Xero

In fact, 37% of small businesses in Australia and 29% in New Zealand are worried their staff will be paid incorrectly due to confusing payroll obligations. We were excited to launch a new beta trial of Xero Payroll plus Planday at Xerocon. Managing Australian payroll in the digital economy.

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