KeyPay Users – End Of End Of Financial Year Processing & STP Finalisation Webinar

KeyPay Users – End Of End Of Financial Year Processing & STP Finalisation Webinar

The webinar covered:

•Tips on reconciling data to ensure everything is correct before commencing the finalisation process

•Using the EOFY wizard to lodge the finalisation event

•Notifying employees post finalisation

•How to create an amended finalisation event for changes and corrections after lodging your finalisation event

•ATO deadlines for end of year reporting

The webinar is available on YouTube for you to rewatch and assist you in your EOFY tasks. It runs for approximately 28 minutes.

Additional Resources: 

End of Financial Year Guide 2021/22 – Reporting for STP

The following link will guide you through year end reporting using STP

KeyPay EOFY System updates

Firstly, users can now create pay runs for the 22/23 FY. The notable changes effective automatically for pay runs with a date paid on or after 1 July 2022 are as follows:

•The legislated superannuation guarantee (SG) rate will increase from 10% to 10.5%, which will automatically apply to eligible businesses;

•The $450 monthly threshold will no longer apply and rather SG will be calculated on all OTE earnings. The $450 threshold will be removed automatically for all eligible employees;

•The maximum superannuation contribution base (MCB) will increase to $60,220 per quarter. From 1 July 2022, the new MCB amount will be displayed in the employee Pay Run Defaults screen. Prior to that date, the system will continue to show the MCB rate applicable for the 21/22 financial year;

•The genuine redundancy cap has increased to $11,591 (base limit) and then $5,797 for each completed year of service;

•The ETP cap for life benefit termination payments has increased to $230,000;

•STSL updates have been applied for the new financial year due to the annual indexing of the repayment income thresholds.

Note: The Federal Budget on 29 March 2022 did not result in any changes to normal tax rates or income thresholds for the 22/23 FY. The extension of the low and middle income tax offset to $1,500 is only claimable when individuals lodge their income tax return for the 21/22 FY. Therefore, there are no changes to weekly, fortnightly or monthly tax tables.