First time employers, don’t miss these payroll deadlines

As a first time employer, there’s no doubt you have a lot to do this end of financial year. I’ve listed the important payroll deadlines as well as a handy checklist to ensure you stay on the right side of the ATO.


Important payroll deadlines

Date

Document

Description

14 July PAYG withholding Payment Summaries Payers must issue PAYG withholding payment summaries to payees (employees and other workers).
28 July PAYG instalments Quarter 4 of 2013 (1 April- 30 June 2013) instalment notices (forms R and T) – final date for payment and, if varying the instalment amount, lodgement.Finalising all your PAYG instalments before you lodge your tax return will ensure you receive the correct amount of credit in your income tax assessment.
28 July Superannuation Due date for payment of super guarantee contributions for Quarter 4 (1 April – 30 June 2014) – contributions to be made to the fund by this date. If you do not pay minimum super contributions for Quarter 4 by this date, you must pay the super guarantee charge and lodge a Superannuation guarantee charge statement – quarterly with us by 28 August 2013. The super guarantee charge is not tax deductible.

A failure to lodge on time (FTL) penalty is an administrative penalty which may be applied where your clients are required to lodge a return, statement, notice or other document with the ATO by a particular day, and you fail to do so. A FTL penalty may be applied on documents that are lodged late, or on documents that are overdue.

READ: The first-time employers’ guide to payroll

A payroll checklist

Step

Action

Done

1

Process the last pay cheques for the year. (The employee’s money must be cleared in their account in order for it to be allocated to this financial year).

2

Confirm you have all employees’ Tax File Numbers.

3

Take note of any payroll adjustments or back pays.

4

Print Payroll Reports – Month End and Yearly Totals for Wages, Super, PAYG and Leave Entitlements.

5

Reconcile your Wages, Super and PAYG.

6

Reconcile any other Liability accounts (RESC or Union or Social Club).

7

Make a Backup – eg. name it companyname before pay sum 2014

8

Prepare and print PAYG Payment Summaries (send them electronically if you can or print two copies for the employee, one copy for your records and one copy for the ATO)

9

Make a Backup – eg. name it companyname after pay sum 2014

10

Start a new Payroll Year and load the new tax tables for the 2014/15 year

Preparing your payroll using MYOB Essentials saves you a lot of time. It has all the smarts you need to complete your pay run and more.

READ: Making payroll less complicated

The information provided here is of a general nature for Australia and should not be your only source of information. Please consult an experienced and registered tax agent as each small business’s circumstance will vary for end of financial year.

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  • Roger Dunkley

    You mean 2014 not 2013

    Start quote
    28 July PAYG instalments Quarter 4 of 2013 (1 April- 30 June 2013) instalment notices (forms R and T) – final date for payment and, if varying the instalment amount, lodgement. Finalising all your PAYG instalments before you lodge your tax return will ensure you receive the correct a …
    End quote