Annual payment summaries or Single Touch Payroll (STP) finalisation declarations must be provided to your employees and any other people you have withheld tax for by 14 July. Start reviewing the year’s payroll and relevant payees now so that you can issue the payment summaries without delay.
If you have withheld tax on behalf of people who are not your employees, such as suppliers who have not quoted an ABN, foreign residents or non-residents, you still need to issue payment summaries as these payments will not have been reported by STP.
Things to review before finalising the payment summaries:
- Have you allocated all payroll and relevant supplier related bank transactions to the correct accounts?
- Have you checked your supplier reports for errors such as duplicate supplier bills?
- Have you checked the BAS lodged throughout the year for amounts reported at W3 (other withholding amounts) and W4 (no ABN quoted)?
- Do you have complete and up-to-date contact details for all relevant suppliers, foreign residents and non-residents paid throughout the year? If not, update the details now as this can be time-consuming if you have not kept accurate or current contact details for relevant payees.
If you’re not sure whether payees should be receiving payment summaries or not, we can help you review your payroll, supplier and withholding figures for the year before you issue payment summaries to payees.
Book now to get this done before 14 July.