End of Financial Year FY24/25 with foundU
Every year we put together an assemblage of tools and resources to support you throughout the period and this year is no different. Keep an eye on your inbox and pop ups in the platform for upcoming reminders and updates. Here are some resources your can access right now!
Preparing for EOFY Video
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Apply Annual National Minimum Wage & Award Increase with our Rate Rise Tool
The Fair Work Commission announced a 3.5% increase to the National Minimum Wage. The increase needs to applied before your first full pay period in the new financial year. Here's how you can apply them in your platform:
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1. DIY: foundU's Rate Rise Tool is the key to applying the increases! It helps you easily manage wage increases in bulk for your employees. 2. Book Assistance: Get an assisted rate rise session to help you apply your wage increases correctly. Sessions cost $350 + GST. Book here.
You will need the latest Pay Guides to apply the rate rises. When released they can be accessed here: |
Please note: The earliest you can schedule your rate increase is for next day after you complete the rate rise as the process runs overnight. For example, if you are completing the rate rise steps today, the earliest you can select for it to run the update is tomorrow.
EOFY Timeline
Downloadable EOFY 2024/25 Checklist
Reconciliation & STP Finalisations
Single Touch Payroll (STP) finalisation for the end of the financial year is due by 14 July 2025.
As part of your STP finalisation process, we highly recommend reconciling your payroll and STP data first. This will help to ensure that the data you send to the ATO matches your payroll data. After reconciling you're ready to finalise STP.
You can also import employee fringe benefits at the end of each year (if this applies to your business) as part of the STP finalisation process.
To help you track the status of your STP Finalisations this year we've built a new EOFY card on your Dashboard. This will help you track outstanding submissions, any employees that have reverted back to unfinalised and more.
Employee Income Statements
Once you've reported and finalised your employees' data through STP, you won't need to provide income statements (payment summaries) or make any payment summary annual report lodgments to the ATO. Instead, income statements will automatically appear as 'Tax ready' in your employees' myGov accounts.
In addition, your employees get access to an efficient and discounted tax return service through our partnership with One Click Life. This service is conveniently accessible via a link in the employee's Payslips page in their Employee App.
To remind your employees about accessing their income statement and to inform them about the tax return service offer, you may consider publishing an announcement in the Employee App or send a bulk email.
Super Guarantee Increase to 12% - handled by foundU
This will apply to any payments made on or after 1 July. However there may be some items you need to review. View more information here.
Tax Tables Update - handled by foundU
2025.This will apply to any payments made on or after 1 July.
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