Latest News

Australian EOFY: What you need to know

Australian EOFY: What you need to know From the 2016/17 financial year a new format of Payment Summaries is required.

Released prior to the end of June 2017, Sybiz Visipay 16.10 is the minimum version which includes the new format. We highly recommend all Sybiz Visipay customers be on this version for the end of financial year reporting.

Due to these recent legislation changes, a new flag has been added to employee records to designate the type of income received by the employee. Sybiz Visipay 16.10 defaults the value to Salary or Wages with other options for Working Holiday Makers and Pension or Annuity Payments.

If some employees have an Income Type other than Salary or Wages it can be changed at any time prior to producing payment summaries in the employee’s record under the Employment tab.

Another change for the 2016/17 financial year end reporting process applies to employers who are entitled to claim an FBT exemption under s57A of the Fringe Benefits Tax Assessment Act 1986.

When producing your payment summaries there is a new check box to be utilised by those entitled to the exemption. This check box is unchecked by default and can be ignored by all other employers.

If you wish to know more about how these changes will affect you, watch our Australian EOFY webinar.

Developing innovative accounting, ERP and payroll solutions for 40 years

Connect with Sybiz