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25
May
  • Posted By : Administrative
  • Category: Income
  • Comments: 0

WHAT IS PAYG WITHHOLDING ANNUAL REPORT? WHY IS IT NECESSARY TO LODGE SUCH REPORT BY THE EMPLOYER? WHAT TO INCLUDE IN THE REPORT?

If you make payments to employees and other payees, you must withhold amounts from their pay and send the withheld amounts to the Australian Tax Office (ATO). This process is called withholding and is done through the pay as you go (PAYG) withholding system.
If you have withheld amounts from wages, salaries or other similar payments, you must lodge your business and appointment’s PAYG withholding payment summary annual reports to ATO by 14 August following the end of the financial year, either online or in paper form. The report must include:

  • All payments you made to employees, workers or businesses during the financial year;
  • The amounts you withheld from those payments.

When you lodge your PAYG withholding payment summary annual report the moment you provide payment summaries to your employees makes it easier for your employees to lodge their tax return online or using paper forms. ATO uses the information you provide to pre-fill employees tax returns. The pre-filling service is available to people who prepare their tax returns online or tax agents.


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