Checklist PAYG Payment Summaries
Did you know that you are required to distribute your annual PAYG Payment Summaries to your employees by 14th July 2018?
To help you prepare your 2018 Payment Summaries, please ensure you:
- Check your payroll setting for your company’s details (Name, Address, ABN, authorised person to issue the PAYG Payment Summaries, etc)
- Check all employee details are complete and up to date
- Check that your pay items have been set up correctly (ie. Allowances, reportable super, deductions, Lump Sum, ETP payments, etc). Correct reporting for each pay item should be linked correctly (Gross, tax, etc)
- Check that your payroll accounts are linked correctly to each pay item (expenses & liabilities)
- Make sure that all wages and entitlements have been processed & paid through the payroll function
- Review your Payroll Summary Report and check that it agrees with the closing balance of your payroll accounts in your General Ledger
- Investigate & make adjustments if there are any discrepancies in the wages, wages payable, PAYGW payable, superannuation, superannuation payable and any other payroll accounts
- Always check and double check before issuing the PAYG Payment Summaries as your employees will be using these to lodge their income tax returns.
The above are general list of things that you will need to start preparing your PAYG Payment Summaries.
If you’re not sure where to start or need assistance in preparing your PAYG Payment Summaries, contact Crosscorp today!