Take care when producing payment summaries to ensure that you have assigned payment fields for each payroll payment.
For example, check that you have assigned payment fields for all gross payments and don’t forget to exclude salary sacrifice. Assign payment fields for all allowances and penalties paid. Assign Lump Sum payments and record ETPs if applicable.
Ensure to record any reportable employer superannuation contributions if these apply to your employees. Then record reportable fringe benefits if they apply.
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Verify payroll information with your payroll register summary and remember that these figures may be rounded
You are now ready to create your EMPDUPE file. Don’t forget to save a copy of this and a backup. You can now print your payment summaries, which need to be distributed to all employees by 14 July 2014.
Save a PDF copy of your payment summaries with the copy of your EMPDUPE file.
You can now print the magnetic media form and fill it out for the ATO. Send this form with the EMPDUPE file to the ATO by 14 August 2014. Alternatively, you may lodge your annual report via the ATO’s ECI (Electronic Commerce Interface) or SBR (Standard Business Reporting) tools.
You can now roll over to a new payroll year and do a payroll system upgrade if required.
There are quite a few announced but yet to be legislated changes this end of financial year, so it may be the case that your payroll provider could provide an upgrade to your system quite late because of this. The changes to be aware of include the temporary budget repair levy, changes to the paid parental leave scheme, changes to tax offsets and the restart program.
Tracy Angwin is the founder and managing director of the Australian Payroll Association.