As you near the first payroll run for your team in Xero, we’ve got some brief updates to share to ensure a smooth transition
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Transitioning employee leave balances to Xero
After processing your final pay run in NetSuite, please inform Accolution (Dan) of the employee leave balances as of the date of that last pay run. You can extract these balances from Netsuite by following our support guide.
Once you’ve sent across to Accolution they will then update the employee records in Xero and you will be ready to process the next pay run in Xero.
Finalising the 23/24 tax year in NetSuite
Once the final pay run for the financial year 23/24 has been processed in NetSuite, and you are certain there will be no further payments or adjustments, you can finalize the tax year, even if it is before July 1, 2024.
Please refer to this support guide for how to complete.
Remember, the ATO deadline for STP finalisation is July 14 each year.
Only use Xero for Payroll purposes
While you have early access to Xero, please use it solely for Payroll purposes until you go live. We understand the excitement of exploring the new system, but please resist the temptation to "poke around," as we've had to correct unintended changes from recent cutovers.
Reminder - Individual income tax rates and threshold changes 1 July 2024
From 1 July 2024 tax rates are changing (reducing) and will apply to pay runs PAID from 1 July 2024. For example: the weekly pay period is 24 June - 30 June 2024 and you PAY on 1 July 2024 then these new tax rates will apply. Click here for more details.