Once again, we are coming to the end of the financial year. How is the Year of the Dragon treating you so far? Tradition tells us it is often a year of promising opportunities, professional expansion, good luck and potency. We hope the year has been one of good fortune for you and your business.
Start preparing now to make your EOFY process efficient. GovReports has many tools, templates, and reports to help you organise and manage EOFY.
Single Touch Payroll for Small and Micro Businesses
Do you have clients that need a standalone solution for Single Touch Payroll?
Our IAM STP app has NO limit on the number of employees and is a flat monthly fee of $9.90. This is perfect for businesses that need a simple solution and whose payroll numbers vary with the seasons. Your clients pay the same software fee regardless of the number of people on payroll.
Payroll details can be imported from other systems or a CSV file. The system is easy to set up in minutes and start using, with little time needed to learn because it has been designed with ease of use as a priority.
GovReports has been compliant with STP Phase 2 for several years so that most GovReports users will be familiar with the system.
- Allows reporting to multiple government agencies.
- Includes more payroll categories.
- Automatically files new employee tax file numbers with the ATO – no need for a separate process.
- Includes the reason for termination; there is no need for an employment separation certificate.
- Clearer employment termination payments, salary sacrifice and lump sum payments reporting.
- Child support payment information is sent automatically to the child support registrar – no need for separate reporting.
GovReports is STILL the best value for money when comparing STP solutions for small and micro-operations. Check out STP Reporting for more information.
Single Touch Payroll Finalisation
Single Touch Payroll finalisation must be completed by 14 July 2024.
Once the STP finalisation has been sent to the ATO, the employee’s information will be released in their myGov account and listed as ‘tax ready’.
Finalising STP in IAM STP Reporting is quick and easy; it is a matter of ticking the ‘Final Event Indicator’ box in the last pay run of the year.
Before sending the final figures to the ATO, you’ll need to verify the amounts against your client’s payroll records and reports.
If you’re new to GovReports or need a refresher, check out our webinars and blogs for information on the finalisation process.
Activity Statement Summary
This report is essential for end of year reconciliations. It shows all activity statement amounts lodged with the ATO. Check the current year’s report against your client’s accounting software figures before finalising the June BAS. This way, you’ll be able to pick up any discrepancies in time to make adjustments to the fourth quarter BAS.
If new clients have lodged reports with different registered agents over the years, you can easily see all their lodgments, regardless of how the statements were initially lodged. You can get a quick overview of any new client by reviewing the report for prior years.
Go to My Lodgments > Activity Statement Summary. Select the client and the financial year, and then generate the report. You can see the year’s figures for GST, PAYGI, PAYGW, FBT, FTC and WET amounts as lodged with the ATO and the total amount payable for each period. The report can be downloaded into Excel and saved for each client.
Digital Authentication V2
If you’re already using Digital Authentication, you’ll be familiar with the upgraded interface, which operates with better security and accessibility. It’s now easier than ever to get signatures for all records—use it for engagement letters or other documents needed for your practice, not just ATO lodgements.
Remember, the ATO requires authorisations for every lodgement. Your GovReports subscription includes access to our encrypted digital authentication, so there’s no excuse for not using it to make it easy for your clients to sign all lodgements.
The process takes seconds to set up and seconds for your client to review and sign. The client receives a security code in their email, which allows them to sign the document. In addition, you receive automatic notifications when the document is signed.
This built-in feature is a significant time-saver for your business. You no longer need to manage the process of individually sending and filing signed documents. An audit trail is always available, displaying the activity from the moment the document is sent through its opening and finally its signing.
ATO Integration
GovReports integrates with the ATO, allowing you to maintain client authorisations, set up authorised contacts, update financial institution details and view the Integrated Client Account details and balance.
Reduce the need to log in separately to the ATO services by using GovReports to sync with ATO administration.
Using GovReports to interact with the ATO is faster and more efficient. We all know how frustrating it is when the ATO is offline, and you can’t do what you need to! GovReports allows you to do your work regardless of the status of the ATO services. The two systems will sync once the ATO services are back online.
GovReports Blog and Webinars
You can check our blog and webinars for detailed information about all of the topics in this article. And remember the Help Centre for user guides on all aspects of setting up and using GovReports.
Start Planning Your EOFY Now
As we approach the end of the financial year, we are here to support you through the process. We acknowledge your expertise and professionalism in all that you do for your clients, and we aim to back you up with our always-available platform and efficient practice management tools.
Wishing you good flying with the Dragon through the end of the 2024 financial year!
GovReports Team
