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End of financial year obligations for employers

July 10, 2017

The 2017 financial year has come and gone, but if you have employees, you still have a number of obligations to meet. 

As a business owner or employer, you must:

  • provide your employees with a 2017 PAYG payment summary by 14 July;
  • lodge a PAYG withholding annual report by 14 August; and
  • pay quarterly superannuation contributions by 28 July.

 Payment summaries

You need to provide your payees with a payment summary showing how much they were paid for the financial year and the amount withheld from these payments, even if the amount withheld was nil.

Depending on the types of payments you have made throughout the year, you may have to complete various types of payment summaries.  Most software providers have the option to lodge these summaries online.

Visit the Australian Taxation Office website for more information about your payment summary obligations.

PAYG withholding annual report

At the end of each financial year, a PAYG withholding annual report must be lodged with the ATO.  The report must include:

  • All payments made to payees during the financial year; and
  • The amounts withheld from those payments.

If you are reporting using ATO paper forms, the pay as you go (PAYG) payment summary statement, along with the originals of all payment summaries you issued for the financial year, make up your PAYG withholding annual report.

You may have to lodge more than one type of annual report.  Head to the Australian Taxation Office website to find out more about annual reporting.

Quarterly superannuation contributions

Business owners and employers are required to pay super contributions via SuperStream for eligible employees by the cut off date each quarter.  Penalties apply for business owners and employers who fail to pay superannuation contributions by the cut off date.  Visit the Australian Taxation Office website to find out what to do if you haven’t made your contributions on time.

We can help

Should you require further information or assistance with your end of year obligations, please contact our office on 07 3217 2477.