Are you end of financial year ready?
With the end of the financial year fast approaching it is time to start thinking about preparing and lodging your employee payment summaries. The ATO specifies that payment summaries should be provided to your employees no later than 14 July and you must lodge your PAYG withholding payment summary annual report by 14 August.
Here’s what you need to do:
1.Verify your payroll data matches the wages, PAYG and super on your general ledger report (see video below if you don’t know what this is)
2.Prepare and publish employee payment summaries
3.Submit payment summary report to the ATO
If you use Xero this process is even easier than before as you can use Xero’s inbuilt AUSkey to lodge your payment summaries online. Make sure you check out video guide on the process here
In addition to payment summaries, this year sees the introduction of SuperStream. Businesses must be SuperStream compliant by 28 October (deadline recently extended from the 1 July). If you’re not quite sure what you need to do or what SuperStream is our website has all the info to get you started here
Or if it’s all just too much, why not email our bookkeeping team at firstname.lastname@example.org and we’ll sort out your payment summaries or SuperStream for $195 (includes up to 2 hours work), or we can take care of both with our package deal for $350 (includes up to 4 hours work).
By Fiona S