Client Memo – 2024–2025 End of Financial Year (EOFY)

To: All Abcom Payroll Users

As the end of the financial year approaches, we want to ensure you’re fully prepared to complete your EOFY processing in the eProphet Payroll System. A more detailed guide will follow soon, but this memo provides an overview of key actions and deadlines.

Important Timing Reminders

  • EOFY tasks must be completed after processing the final payroll for June and after completing all June month-end close procedures.
  • Do not begin payroll processing for the new financial year until all EOFY steps are finalised.

Payment Summaries

Since the implementation of STP, there is no need to print or email payment summaries. Employees can access their income statements online via their MyGov account.

When Do I Perform My EOFY?

We are frequently asked about EOFY timing. While we are not tax professionals, our system expertise allows us to offer sound recommendations. Refer to the ATO’s guidance below:

“If salary and wages are accrued in the current financial year (prior to 30 June) but paid in the following financial year (on or after 01 July), the full amount of the payment will be taxed at the following financial year's tax rates and included in the following financial year's payment summary.”

More info: ATO PAYG Payment Summaries

ATO Guidance Applied to 2024–2025

  • Bank File Payment date is Monday, 30 June 2025: Final payroll = week ending 29 June 2025
  • Bank File Payment date is 1 July 2025 or later: Final payroll = week ending 22 June 2025

The eProphet Payroll System will prompt you to perform the EOFY processes after the relevant pay week has been processed.

Applying Tax and Superannuation Changes

Details regarding updated tax rates and superannuation percentages will be provided in a separate document. These updates must only be applied after completing EOFY processing.

EOFY Suggested Timeline

Note: This is a general guide. Please consult your tax advisor for store-specific guidance.

Bank File Payment Day Monday (30/6/25)

  • Complete weekly payroll run for week ending 22 June
  • Complete weekly payroll run for week ending 29 June
  • After completing payroll and before starting next week’s payroll:
    • Complete June Monthly Period Close
    • Complete EOFY Checklist and Yearly Close
    • Apply 2025–2026 Revised Tax Scales
  • Complete weekly payroll run for week ending 6 July
  • After completing payroll and before starting next week’s payroll:
    • Apply updated awards to update pay rates
  • Complete weekly payroll run for week ending 13 July

Bank File Payment Day Tuesday onwards (1/7/25 and beyond)

  • Complete weekly payroll for week ending 22 June
  • After completing payroll and before starting next week’s payroll:
    • Complete June Monthly Period Close
    • Complete EOFY Checklist and Yearly Close
    • Apply 2025–2026 Revised Tax Scales
  • Complete weekly payroll run for week ending 29 June
  • Complete weekly payroll run for week ending 6 July
  • After completing payroll and before starting next week’s payroll:
    • Apply updated awards to update pay rates
  • Complete weekly payroll run for week ending 13 July

Critical Note

See the attached document for a printable checklist.

For further advice on ATO Tax Law and EOFY cut-off dates, please consult your Professional Tax Advisor.

This email is from Abcom Pty Limited (ABN 29 010 396 666), Level 5/3027 The Boulevard, Emerald Lakes QLD 4213, Australia.