Payment Summaries – Preparation for Year-End Payroll
With 30 June fast approaching, now is the time to ensure your payroll house is in order. Payment Summaries (group certificates) are required to be sent out to employees by the 14th of July. This doesn’t give you much time to work through any complications that may arise, especially if you have other year-end accounting duties to take care of.
You should start thinking about the following:
- Sending out a bulk email to all staff requesting email and address updates if they have changed during the year and haven’t been communicated to the payroll department.
- Do a comprehensive reconciliation of all payroll related GL accounts – Eg Wages Expense, Super Expense, Wages Payable, Super Payable, PAYG Withheld, FBT Payable etc.
- Ensure you have the correct Super fund and Member number details.
- Are you missing Tax File Number Declarations from anyone and have they been filed with the ATO?
- Was there any Fringe Benefits Tax that needs to be included on the payment summaries?
Note the FBT year runs from 1 April to 31 March.
- Has there been any salary packaging or reportable super contributions?
- Were there any lump sum termination payments?
- Did anything unusual happen or was there an error on a payment that needs to be corrected before June 30?
- Check entitlements and ensure that anyone who left during the year has a nil Annual Leave balance.
As you can see there is a lot to be thinking about and I guarantee you it is a much easier (not to mention less stressful) to have these things sorted before the end of financial year.
Work out a plan, tick tasks off as you go and it won’t be too bad. It might even be fun.
If you’re not sure, it pays to seek advice. No-one likes to get a letter from the ATO.
Swift Payroll is an experienced payroll services provider in Bendigo. They have very good team of professionals who have high experience in working with various sectors. With 30 June fast approaching, now is the time to ensure your payroll house is in order. Payment Summaries (group certificates) are required to be sent out to employees by the 14th of July. This doesn’t give you much time to work through any complications that may arise, especially if you have other year-end accounting duties to take care of. For more information regarding payroll and Preparation for Year-End Payroll visit http://www.swiftpayroll.com.au/blog/payment-summaries-preparation-for-year-end-payroll
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