End of Payroll Year – what do you need to provide to employees?
Do You Run Payroll?
A note on the upcoming end of financial year 2009/10. If you are using a computerised system for running your Payroll, like MYOB, make sure that you have the latest version loaded ready for your first payroll run post 1st July 2010 – tax tables are changing and if you are running old software, your PAYG Liabilities may not be correct. This is an issue for both your business and your employees take home pay calculations.
Remember that the ATO requires Payment Summaries (aka Group Certificates) to be issued to staff by 14th July 2010 and that Annual PAYG Payment Summary Statements are to be lodged to the ATO by 14th August 2010, this is an orange form the ATO provides for your business which totals all wages and PAYG for the year withheld by your business and is a means of the ATO reconciling the Payment Summaries provided to individuals verses what is reported by business.
There is a step by step process that must be completed prior to rolling over a new payroll year to obtain this information. A new payroll year must be rolled to run wages post 1st July, however, Payment Summaries and various payroll reporting MUST be completed first as it cannot be done retrospectively once rolled. If your business needs assistance, we would be happy to help.