KeyPay-End Of Financial Year

KeyPay-End Of Financial Year

Just dropping you a quick note to let you know of features, enhancements and improvements we have recently released.

2020/2021 Tax Tables

Just confirming we have deployed the 2020/2021 financial year tax tables. This means users can create pay runs that contain pay dates for the next financial year.
2019/2020 End of Financial Year Processing

End of year is fast approaching! You can start preparing for this process as we have now released both the finalisation event and payment summary functionality for this financial year.

Additionally, you can access our support articles to guide you through the process, applicable to your scenario, as follows:
STP Finalisation Events;
Payment Summaries.

Don’t forget to register for our EOFY webinars! We’ll also have a central resource hub for everything end of year related that will be made available to you soon.

STP Earnings Reset Event

We have created a new event type that allows you to report $0 earnings against an employee, effectively wiping out earnings previously reported to the ATO. You would use an earnings reset event to reverse incorrect business and/or employee details, such as incorrect BMS ID, employee Id, employing entity, etc previously lodged for an employee.

Refer to our support article for further information on how this works

JobKeeper & Payroll Tax

It has been confirmed that all States and Territories have applied a payroll tax exemption to JobKeeper wages. As such, we have updated all system generated JobKeeper pay categories to classify them as payroll tax exempt. This update also applies the exemption retrospectively, ie to pay runs already processed using the pay categories

If you have created your own JobKeeper pay categories, we suggest you update the payroll tax exempt setting accordingly to ensure your payroll tax reporting is correct.
Modern Awards & Annual Wage Review

Normally at this time of the year, the Fair Work Commission would have announced their decision regarding the national minimum wage. This year, however, the timelines for consultations, submissions, etc have been stretched out. What does that mean? Basically, there is no definitive timeframe as to when an announcement will be made. It’s seemingly unlikely that award wage updates will occur from 1 July, however you can never say never.

We will obviously be staying abreast of this exciting development and keep you informed of any updates along the way.