Fringe Benefits & Payment Summaries

Checklist for Tax Agent
July 8, 2016
Adult Industry Deductions
July 8, 2016

Business owners who employ other people are required by law to provide payment summaries by 14th July 2015 to their employees. The payment summary shows the payments made to the employees including any allowances, fringe benefits etc. and the total tax withheld during the year.

Even in the circumstances you did not withhold any tax, businesses are still required to issue payment summaries.

If any of the details on the payment summary are incorrect, you will need to issue with an amended payment summary.

Payment summaries can be provided electronically or via paper forms either from your software or ATO forms.

Before issuing the payment summaries, please ensure you reconcile the payroll and wages accounts to avoid any discrepancies.

If you are not sure about how to reconcile the payroll accounts or issue payment summaries, contact one of our expert Cranbourne tax accountants at 1300 300 106 to get some help.