Payment Summaries appear to omit last pay of the financial year

Legacy KB ID: 4584

Question

I have completed my pays for the financial year, and although the Payment Summaries match by Payroll reports for the financial year, it appears the last pay has been omitted. Why?

Answer

The ATO takes the financial year personal income was paid as the financial year that income was earned. That is, income earned up to 30th June but paid on or after 1st July is deemed to be income earned in the next financial year.

QuickBooks Reports will report pay information on a Date Paid basis and should be in line with the Payment Summaries.