Payment Summaries - Preparation for Year-End Payroll

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• Payment Summaries - Preparation for Year-End
  Payroll

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CONTENTS

• Introduction
• Different options to look out
• Other ideas
• Conclusion

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INTRODUCTION

• With 30 June fast approaching, now is the time to
  ensure your payroll house is in order.
• Payment Summaries (group certificates) are
  required to be sent out to employees by the 14th
  of July.
• This doesnt give you much time to work through
  any complications that may arise, especially if
  you have other year-end accounting duties to take
  care of.

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DIFFERENT OPTIONS TO LOOK OUT

• Sending out a bulk email to all staff requesting
  email and address updates if they have changed
  during the year and havent been communicated to
  the payroll department.
• Do a comprehensive reconciliation of all payroll
  related GL accounts - Eg Wages Expense, Super
  Expense, Wages Payable, Super Payable, PAYG
  Withheld, FBT Payable etc.
• Ensure you have the correct Super fund and Member
  number details.
• Are you missing Tax File Number Declarations from
  anyone and have they been filed with the ATO?

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• Was there any Fringe Benefits Tax that needs to
  be included on the payment summaries?
• Note the FBT year runs from 1 April to 31 March.
• Has there been any salary packaging or reportable
  super contributions?
• Were there any lump sum termination payments?.
• Did anything unusual happen or was there an error
  on a payment that needs to be corrected before
  June 30?
• Check entitlements and ensure that anyone who
  left during the year has a nil Annual Leave
  balance.

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OTHER IDEAS

• As you can see there is a lot to be thinking
  about and I guarantee you it is a much easier
  (not to mention less stressful) to have these
  things sorted before the end of financial year.
• Work out a plan, tick tasks off as you go and it
  wont be too bad. It might even be fun.
• If youre not sure, it pays to seek advice.
  No-one likes to get a please explain letter from
  the ATO.

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CONCLUSION

• Hence these are detailed explanation of Payment
  Summaries. Make sure you Prepare well for
  Year-End Payroll. Also, as a well known payroll
  service in Melbourne Swift Payroll can help you
  in this process.