If you use Xero the following steps will assist you in finalising your 30 June 2024 (FY24) payment summaries for employees:
- In the Payroll menu, select Employees.
- Click Payment Summaries.
- (Optional) Under FBT Exemption, select the checkbox if you want to enter exempt and non-exempt reportable fringe benefit taxes (RFBTs) for each employee.
- - This will only be applicable if you provide fringe benefits and and are registered for fringe benefits tax.
- Enter your organisation's details, then click Confirm and Continue.
- Under Financial Year Ending, select the correct year i.e. the financial year ending 30 June 2024 (FY24)
- Review the summary details for each employee. Enter a reportable fringe benefit amount (RFBA) and Lump Sum amount if applicable.
- Select the checkboxes next to all employees and click Publish.
- Review the Status column for all employees in the payment summary table:
- The tick icon shows the payment summary is published and ready to submit to the ATO.
- The clock icon shows employees with unpublished payment summaries. Identify and fix payment summary errors, then republish.
- Send a payment summary to each of your employees by email using Xero Me, or as a printed PDF.
Refer to this link for further information and Xero help.
Disclaimer: This information is general in nature and is not an opinion expressed by us. So, before acting on this or any other information, it is important to seek professional advice related directly to you and your circumstances. Should you require our assistance, contact your Primarius Team leader, or email us at info@primarius.net.au
“Liability limited by a scheme approved under Professional Standards Legislation”