SUBJECT – Employees – PAYG summary
Hi I'm Kath Appleby, Business Advisor with over 20 years experience at MWL Financial Group specialising in medical practices
If you employ staff in your business you will need to prepare PAYG summaries at the end of the year.
Did you know ? These summaries need to be ready for your staff by 14th July and the ATO by the 14th August .
This means you have approx. 6 weeks to reconcile your annual payroll and confirm all your payments have been made correctly.
The PAYG summaries should include all amounts paid to your employees such as wages earnings, allowances, tax amounts withheld, additional superannuation and any fringe benefits amounts you may offer. Essentially any payment made to an employee should be included somewhere on the PAYG summary
So clearly it is really important to maintain accurate payroll records throughout the year to simplify this process and make sure you are not running late and feeling stressed when the 14th August comes around.
For more information contact us at firstname.lastname@example.org and either me, Kath Appleby or one of our experts will be more than happy to help.