End of Year Payment Summaries

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End of Year Payment Summaries

Category : Financial Advice

End of Year Payment Summaries

Hi, every year just after 30 June I get lots of emails and phone calls regarding payment summaries and payment summary preparation, so I’ve prepared a fairly comprehensive checklist to help you or your bookkeeper with the procedure.

Employers are required to provide their employees the payment summaries by 14 July and the payment summary statement needs to be supplied to the ATO by 14 August (unless subject to a variation).

The process can be streamlined whereby if you have compliant payroll software the payment summary statement is ‘uploaded’ to the ATO.

Leave entitlements
Although not part of the payment summary preparation process, 30 June provides a good time to check those entitlement balances are being accrued (when worked) and reduced (when taken) correctly throughout the year.

Fair Work Australia
Also not part of the payment summary preparation process but Fair Work Australia updates the relevant awards for employees on 1 July and this time presents a perfect opportunity to ensure the relevant employee pay rates are updated to reflect the increases.

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