Once you start reporting under Single Touch Payroll, you will no longer be required to issue a Payment Summary. Your final payment summary to employees is due 14th July. After this date your employees can access their income statement through the ATO via myGov.
You’ll have two weeks from the end of the payroll year to issue your payment summary so it’s worthwhile preparing now to make the process easy.
Here’s what you will need:
- Make sure you have all the necessary details for all employees, both current and any who have terminated throughout the year. The essential information is full name, date of birth, address, tax file number, and an email address if you are sending payment summaries electronically.
- Review any terminated employees. Is the correct termination date recorded in your software? Are there any Employment Termination Payments (ETPs)?
- Review allowances paid to employees and check which ones are required to be reported separately.
- Review salary sacrifice payments to superannuation for Reportable Employer Superannuation Contributions (RESC) amounts.
- Check any Reportable Fringe Benefit Tax (RFBT) amounts that should be included.
Do you plan to email payment summaries to employees? If so, advise employees of your intention to provide electronic versions and make sure the email address is secure and private. The electronic version must be non-editable and preferably generated directly from your payroll software.
Verify Your Payroll Numbers
It’s important to verify payroll figures before issuing payment summaries, in order to minimise the chance of errors and having to re-issue at a later date.
Once the payroll year is finalised at 30 June, you can then focus on analysing the payroll amounts for each employee and cross-checking against the numbers in your profit and loss accounts.
The end of the payroll year will be here sooner than you think! We can help make the process easier by reviewing and validating your payroll figures prior to issuing payment summaries.
Remember, this is the last year you will need to issue payment summaries. From 1 July, all employers must report to the ATO using Single Touch Payroll (STP). Do you need more information about STP? We can help you set up your payroll ready for STP reporting.
Remote working has become more and more common as developments in technology have allowed us to communicate and collaborate no matter where we are. In fact, most of us are already logging on from home or holiday already. In May 2018, Swiss serviced office provider IWG released a study that found that 70% of professionals work remotely at least once a week.
Sometimes called ‘telecommuting’, remote work is on the rise, and it’s challenging traditional ideas about where and when work should take place. Offering flexibility to your staff can be a valuable tool to both attract new talent and retain your existing team. But before deciding to offer remote work, you need to make sure you’re able to support this way of working.
Remote work has many benefits for a business. Offering this option can mean that you retain employees through a change in their circumstances, for example, becoming a parent or relocating to a different part of the country. When you’re recruiting, the ability to offer an entirely remote position can mean that you’re suddenly able to consider candidates from across the country, rather than limiting yourself to one area, or to people who are in the position to be able to relocate.
So what do you consider before introducing remote working?
When you’re working with a distributed team, communication is key, and as the employer, it’s your job to provide the resources and systems to make this happen. Typically, these might include:
- Laptops and other tech as required
- Compensation if an employee is using their home internet connection
- A way to stay in touch with the team, beyond email. Platforms like Slack are great for team communication
- Guidelines around how often and in what way the entire team will catch up
- Project management tools that are accessible for every worker
With these essentials in place, the biggest factor in making remote work a success is workplace culture. Consider upskilling your management team to make sure they are ready to support your remote staff or even to give them the skills to allow them to do their roles remotely.
Remote working can be isolating for an individual and sometimes the meaning in email and text can be lost so it is important to factor in a regular face-to-face meeting or video conference to bring coworkers together, enable mutual understanding and to build the team culture.
If you’re planning to offer remote work to your team, make sure you have strong communication channels, and robust systems to support your flexible workers.