End Of Financial Year Obligations
Before rolling over your accounting software for the new financial year, make sure you:
PAYG payment summaries
You need to provide all of your staff with their PAYG Payment Summary on or before 14 July 2012. This includes any staff that left your employment during the 2011/2012 financial year.
The ATO imposes penalties for the late lodgement of their PAYG Payment Summary Statements with penalties of up to $2,750.
The annual PAYG Payment Summary Statement for the year ending 30 June 2012 needs to be lodged with the ATO on or before 14 August 2012. However, if we are preparing your Payment Summary for you and you only employ family members in your business (closely held employees) you may be eligible for an extension.