LBW Chartered Accountants

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PAYG Payment Summaries

Simon Flowers
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Simon Flowers As each year end occurs employers need to gear up for the provision of PAYG Payment Summaries to their employees.  These payment summaries must be provided to employees by 14 July.  The PAYG Payment Summary Reconciliation must also be completed and lodged with the ATO by 14 August.
The ATO announced last year that the reporting of the Reportable Employer Superannuation Contributions amount were done so in most cases incorrectly.  Reportable employer superannuation contributions for these purposes are salary sacrifice contributions or extra superannuation contributions made for employees.  The 9% superannuation guarantee and contributions made under a collectively negotiated industrial agreement or award are not reportable employer superannuation contributions.
 
Please note reportable employer superannuation contributions can affect employees tax liability and access to government benefits such as family tax benefit, so they need to be reported correctly.