It’s the start of a new financial year, and with this becomes a few essential tasks.
These are outlined below:
Please let me know if you would like some help with any of the below.
Employee Income Statements
Previously called Group certificates or PAYG Payment Summaries, you most likely have been reporting through Single Touch Payroll.
Single Touch Payroll is an ATO initiative that requires employers to report payroll information, such as salaries & wages, PAYG Withholding and superannuation, to the ATO each time they pay their employees.
Employers have until the 14th of July 2021 to check and finalise their employees 2020-21 wage information.
If you are reporting through Single touch payroll, it is no longer a requirement to provide staff with a physical document. Staff will be able to see their annual wage information through their myGov account.
Taxable Payment Annual Report
Depending on your industry, you may be required to submit a Taxable Payment Annual Report (TPAR) for the 2021 financial year by the 28th of August 2021.
The TPAR details payments made to contractors.
The details required to be reported are the contractors ABN, name and address and gross amounts paid for the financial year.
Return to Work SA Annual Reconciliation
If you employ staff and are registered with Return to Work SA, you will be required to submit an employer remuneration return by the 15th of September 2021.
Remuneration generally includes gross employee salary/wages as well as employee superannuation.
Please let me know if you would like any assistance of have any questions regarding any of the above please do not hesitate to contact me on 08 8372 7838 or shannon@cortexaccounting.com.au.