Have employees? The ATO has some reminders for you
BUSINESSES that have employees have been urged to get on top of their obligations as the end of the financial year approaches.
The Australian Taxation Office said business operators not only had to have this year's tax paperwork done, but also needed to be ready for the 2013/14 year to start.
"Employees rely on their employers for the key information necessary to complete their tax return," the Tax Office said in a statement.
It warned that businesses with workers were responsible for:
Providing each of their employees with a payment summary no later than July 14, 2013, even if no tax was withheld from their wages;
Lodging a Pay-As-You-Go payment summary annual report no later than August 14, 2013; and Lodging the PAYG report as early as possible to assist employees to lodge their tax returns.
The Tax Office also said that, for most employers, the tax tables used to calculate income taxes to be retained from wages would remain the same because there had been no changes to the income tax rates or thresholds for the 2013/14 year. However, they will need to update the tax tables they use if their employees:
Have a Higher Education Loan Program (HELP) or Student Financial Supplement Scheme (SFSS) debt;
Received an employment termination payment or back payments, commissions, bonuses and similar payments; and/or are claiming the seniors and pensioners tax offset.
To find the updated tax tables for these employees visit ato.gov.au/taxtables or call the ATO on 1300 720 092.