Xero makes it easy to run your PAYG summary statement, we’ve included some easy steps to help you on your way.
The following steps needs to be taken in order to produce your PAYG summary. If you’re using Xero, it makes all of these steps easy to do.
- Process all pay runs for the year
- Reconcile end of year payroll to general ledger
- Review employee payment summary amounts
- Check the payment summary details
- Enter reportable fringe benefit and lump sum amounts into the payment summaries
- Publish employee payment summaries
- Distribute payment summaries to employees
- Send the annual payment summary report to the ATO
The statement, along with all ‘ATO original’ payment summaries should be sent by 14 August to the ATO.
If you’d like further information on PAYG summaries, please contact your friendly advisor at Evolve Online Bookkeeping on this link.