If your business employs staff, you’ll have two main obligations at the end of the financial year. These are:
- Provide your employees, workers and other payees a pay as you go (PAYG) payment summary by 14 July. The PAYG summary should show the payments you made to them and the amounts you withheld from those payments during the financial year.
- Send the Australian Taxation Office (ATO) a PAYG payment summary annual report by 14 August. Sending it earlier makes it easier for your employees to lodge their tax returns as the ATO uses this information to pre-fill their tax returns.
Tip: If you’re already reporting payments via Single Touch Payroll (STP), you’ll no longer need to provide employees with a payment summary or lodge a payment summary annual report. Instead, you’ll need to submit a ‘finalised declaration’ through your STP-enabled solution by 31 July.
If you operate an employee share scheme (ESS) you must provide an ESS statement to your employees by 7 July and lodge an ESS annual report by 14 August.
Of course, there are other end of year obligations you will have as a business, for example lodging an income tax return to report your business income and claim business-related deductions.
Use our free end of financial year checklist to help you organise your financial records and find the paperwork you’ll need to pass onto your accountant.
Visit the ATO website for more information about meeting your end of year obligations, including: