Reporting and Lodgement Requirements

REPORTING AND LODGEMENT REQUIREMENTS

The new 2017 Financial year has begun and if your business pays wages and/or pays contractors, there are a number of reports that need to be issued and/or lodged for the previous financial year:

Individual PAYG Payment Summaries (Group Certificates)
Required to be issued by: 14 July 2016

Under pay as you go (PAYG) withholding, you must give each of your employees, workers and other payees a payment summary showing the payments you have made to them and the amounts you withheld from those payments during a financial year.

It is important you provide payment summaries to all your employees even if you were not required to withhold any tax.

Video tutorial: how to issue payment summaries in Xero and submit them with the ATO
https://www.xero.com/us/tv/video/?id=5080-employee-payment-summaries-in-xero

PAYG Payment Summary Statement
Due for lodgement: 14 August 2016

This report provides an outline of all payment summaries you issued to your payees for the financial year and needs to be completed and received by the ATO by 14 August 2016.

A physical form from the ATO can be filled out and lodged – Form NAT 3447-02.2014.

Alternatively, the form can be lodged through Xero or ATO Portal:
https://help.xero.com/au/Payroll-EOFY-SendAnnualReport

Taxable Payments Annual Report
Due for lodgement: 28 August 2016

Businesses in the building and construction industry need to report the total payments they make to each contractor for building and construction services each year.

This report is required to be lodged with the ATO by 28 August 2016.

If you are using Xero, the following steps can be followed to create the report:
https://help.xero.com/au/Report_TPAR

DUE DATE SUMMARY:
14 Jul – PAYG Payment Summaries for Employees
28 Jul – Super contributions for June 2016 quarter due using SuperStream
14 Aug – PAYG Payment Summary
21 Aug – July monthly Activity Statement (if on monthly IASs)
25 Aug – Jun Quarterly Activity Statement (if not lodging though tax agent)
28 Aug – Taxable Payments Annual Report
21 Sep – August monthly Activity Statement (if on monthly IASs)
30 Sep – Reconcile your books for September 2016 quarter: bank reconciliations, receivables, payables, wages and super payable
21 Oct – September monthly Activity Statement (if on monthly IASs)
25 Oct – Super contributions for Sep 2016 quarter due using SuperStream
28 Oct – Sep Quarterly Activity Statement (if not lodging though tax agent)
21 Nov – October monthly Activity Statement (if on monthly IASs)
21 Dec – November monthly Activity Statement (if on monthly IASs)

For further information on compliance, please contact us.