End of Financial Year Payroll Processing

Use this checklist to end your financial year and get started with the new financial year.

This checklist can be used in conjunction with the 2 part video series.

Ending the Financial Year

Item	Process	Details
1	Ensure TASS Version is up to date	Ensure your TASS instance is running the minimum TASS Version - v59.06.200. To check your TASS.web Version, click on your name in TASS.web.
2	Check Employee TFN declarations	Payroll > Employee Information > Employees: Print Run the listing to Excel with the following additional fields Tax Scale Residency Tax Status Ensure the Tax Scale matches the Residency Tax Status (check the employees with ‘Working Holiday Maker’ status) If the ‘Working Holiday Maker’ is listed as Resident, contact TASS Customer Care.
Steps you'll be completing as a part of this checklist		This checklist must be completed in order. Complete last pay run for tax year for all staff Complete STP Finalisation for all Payrolls Do Year End Reset Update Tax Scales, Super & ETP Caps Start first pay run for the new tax year
3	Final pay run for June	You must complete your last pay run of the tax year on or before 30th June. This means, the Pay Run Reset must be run on or before 30th June. Payroll > Setup Information > Payroll Calendars Flag the last completed pay run for the year as: Cycle ‘Y’ If you do not complete your last pay run of the tax year on or before 30th June you will not be able to include the pay run in the current tax year. As a consequence, you will have to: Abort this pay run and clear all Timesheets Update the Payroll Calendar to move this pay run into the next tax year Do the full Year End process immediately Start this pay run again This is the only course of action available due to ATO requirements. Set the included pay periods to a status of 'Done' in the Payroll Calendar before next pay run.
4	STP Finalisation	Refer to the How to Complete STP Finalisation checklist. Each step must be completed in full before proceeding to your Year End Reset.
5	Year End Reset	Payroll > Year End Processing > Year End Reset The Update Event must be 'ATO Accepted' before running the Year End Reset. You must run Year End Reset before starting the first pay run for the new financial year.
Proceed to 'Starting the Financial Year' once the above steps have been completed.

Starting the Financial Year

Item	Process	Details
6	Import Tax Scales	TASS will publish the ATO Tax Scales, ready for importing, once the ATO has made these available. Payroll > Setup Information > Payroll Setup: Tax Scales Tab Click Import Tax Scales Icon Select latest Published Date
7	PAYG Setups	Payroll > Setup Information > Payroll Setup: PAYG Setups Tab Update the ETP Cap to the latest ETP Cap amount as per the ATO website here 2024-2025 The ETP cap for 2024 - 2025 is $245,000.
8	Superannuation & Contribution Cap	PART 1: Review Payroll > Setup Information > S uperannuation Funds: Parameters tab Ensure the 'Default SGC %' and 'Contribution Cap Amount' are correct. PART 2: Update SGC % and Contribution Cap Amount Payroll > Setup Information > S uperannuation Funds: Parameters tab Update the 'Default SCG %' as per the ATO website here Update the 'Contribution Cap Amount' as per the ATO website here Update the 'Start P/E Date for the Super Contribution Year' Select the types for concessional contributors only 2024-2025 The following changes will occur in the 2024 - 2025 financial year: Superannuation Guarantee: 11.5%. Contribution Cap: $30,000.
Pay Runs for the new financial year can now begin.