Annual payment summaries must be provided to your employees and any other people you have withheld tax for by the 14th of July. Start reviewing the year’s payroll and relevant supplier reports now so that you can issue the payment summaries without delay.
If you have withheld tax on behalf of people who are not your employees, such as suppliers who have not quoted an ABN, foreign residents or non-residents, you still need to issue payment summaries.
Things to review before finalising the payment summaries:
- Have you allocated all payroll and relevant supplier related bank transactions to the correct accounts?
- Have you checked your supplier reports for errors such as duplicate supplier bills?
- Have you checked the BAS lodged throughout the year for amounts reported at W3 (other withholding amounts) and W4 (no ABN quoted)?
- Do you have complete and up-to-date contact details for all relevant suppliers, foreign residents and non-residents paid throughout the year? If not, update the details now as this can be time-consuming if you have not kept accurate or current contact details for relevant payees.
If you have been regularly checking throughout the year that your payroll figures are correct, issuing payment summaries to suppliers and others by the 14th of July should be accurate, straightforward and prompt.
If you’re not sure whether payees should be receiving payment summaries or not, let us review your payroll, supplier and withholding figures for the year before you issue payment summaries to payees. Be quick – this has to be done by the 14th of July!
Need any help with your Payment Summary or Single Touch Payroll please contact us.
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Cloud Accounting Solutions : Single Touch Payroll : BTE Accounting Services
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