For those of you that are employers or have an SMSF that is paying a pension your PAYG annual summaries are now due.
The ATO will probably have posted pink forms to you for completion. The forms are always sent direct to you. Employees need to be given their copy by 14th July and the forms lodged with the ATO by 14 August if you are preparing them yourself. Extensions are available where we prepare them.
If you are using MYOB/Xero you can prepare an electronic file which can be sent to the ATO. You can give employees the PAYG summary prepared from the software. However, don’t assume the summaries are correct without going through the checks below.
Some important notes when completing your forms
- If your forms are for an SMSF please don’t try and complete them at all !- please forward to me
- Check the total gross payments on the summary page equals the sum of the amounts declared at W1 in your BAS for the year
- Check the total tax withheld on the summary equals the tax withheld on your BAS at W5 over the year
- Do not include salary sacrificed amounts in gross income
- In the box marked “reportable employer superannuation contributions” only include salary sacrifice amounts – not the standard SGC
- If an employee has been with you only for part of a year, put the start and or end dates in as appropriate in section B
- Keep a copy of the forms and send them to us with your 2016 tax documents – we can’t access them on the ATO portals so this is really important
If you have any questions please call, and in the event you make a mistake don’t panic as amendments can be lodged
Lindsay 0413 952180