The end of financial year is fast approaching and all the employers are requested to provide Payment Summaries/Group Certificates to their employees by 14th July. For all the small business owners who manage their own bookkeeping, this can be a tricky bit, as most of them do not know how to generate electronic payment summaries from their accounting software.
Rather than filling out the old fashioned payment summary forms sent out by the ATO, which is time consuming, most of the accounting programs allow to generate payment summaries electronically, which can then be emailed or printed out, also you can generate an electronic file for lodging your annual PAYG withholding statement with the ATO, which needs to be sent to the ATO by 14th August.
As MYOB is one of the most widely used accounting/bookkeeping program in Australia by small business owners, below is a video demonstrating steps for generating Group Certificates/Payment Summaries in MYOB. In my next blog, I will demonstrate how to generate group certificates in QuickBooks and in SAASU and XERO in subsequent blogs.
If you require further assistance, feel free to contact HS Bookkeeping Service on 1300-664-796, also attached below is the ATO document with the guidelines on completing payment summaries.