It's time to prepare a PAYG payment summary for each person you employed during the financial year ending 30 June 2013. The PAYG payment summary must be given to the employee by 14 July 2013. You also then need to provide a copy of each PAYG payment summary to the Australian Tax Office by 14 August 2013, together with your 2013 PAYG withholding annual report.
For most of your current employees, the key information required on the PAYG payment summary is:
- Gross payment;
- Total tax withheld;
- Reportable fringe benefits amount;
- Reportable employer superannuation contributions.
The gross payment includes salary, wages, bonuses, commissions, directors' fees and other similar payments.
Reportable fringe benefits relates to the taxable value of certain fringe benefits you provided to your employees during the FBT year ended 31 March 2013. You must include the grossed up value you calculated in your FBT return, provided it exceeds $2,000.
Reportable employer superannuation contributions was an item introduced in 2010 and in this section you include the total of all employer superannuation contributions you made for your employees at their request. It does not include the 9% superannuation guarantee amount or similar amount paid under an industrial agreement. It does not include any after tax contributions that you have been directed to pay into an employee's superannuation fund. It does include any additional amount you have agreed to pay over the 9% or any salary sacrifice amount.
Some employers will also have to provide other information such as allowances paid, union or professional association fees paid by you on behalf of your employee or any workplace giving amounts.
For former employees, in addition to the above you may also have to include the details of any lump sum payments made on termination.
If you require assistance in the preparation of your 2013 Payment Summaries, please contact our office for assistance, where one of our client advisors will be able to assist you.