Did you know that if you paid a terminated employee in “lieu of notice”, you need to provide them with a separate PAYG Payment Summary – Employment Termination Payment?
With EOFY around the corner, it’s important to prepare and resource for this busy time to ensure your compliance with ATO regulations. Internal auditing and reconciliation are key ingredients to a successful EOFY for you and your employees. Our specialist managed payroll team have been helping businesses process PAYG Payment Summaries, along with lodging all the relevant annual reports required by the ATO, for over 20 years.
Top Tips For Success
- Prepare now
- Audit your employee data for ATO compliance
- Have a plan to close off your FY16 accounts as soon as possible to ensure smooth reconciliation
Remember, PAYG Payment Summaries are due to be given to your employees before 14 July 2016. Fines may apply for late distribution. Don’t be scared of the deadline, contact us today to find out how we can help.