At the end of each financial year you may need to lodge PAYG withholding annual reports (Payment Summaries) with the Australian Taxation Office (ATO).
You need to lodge a report if your business withheld amounts from:
- payments to employees, such as salary and wages;
- payments to supplier businesses that do not quote an ABN;
- interest, dividend and royalty payments to non-residents;
- payments to foreign residents for:
– entertainment or sports activities;
– construction and related activities;
– casino gaming junket activities.
Payments to employees
At the end of each financial year you must lodge a PAYG payment summary statement of all wages, salaries and other work-related payments to your workers, and the amounts withheld.
You must lodge the report by 14 August.
Your PAYG payment summary statement is an annual report and must include the total amount of all payments made and all amounts withheld for all your workers, including:
- employees
- contractors under voluntary agreements
- workers under labour hire arrangements.
Also include employment termination payments and personal services income you have attributed.
You must provide each worker with a PAYG payment summary showing the total payments made and the amount withheld during the financial year. Payment summaries are generally required to be issued to your workers by 14 July. Termination payment summaries are required to be issued within 14 days of making the payment.
If you need assistance with preparing or lodging your business’s payment summaries please contact us.
For more information on the due dates for your various tax obligations please visit here.
