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Business Tax Tips – Payment Summaries Magnetic Media Form and Pays that are included in this Financial Year of the Bookkeeping Process?

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Business Tax Tips – Payment Summaries Magnetic Media Form and Pays that are included in this Financial Year of the Bookkeeping Process?

Payment Summaries Magnetic Media Form and Pays that are included in this Financial Year of the Bookkeeping Process?

Client emailed I am hoping that you can “Jog my memory” with my bookkeeping process, as to how/where I print the “Magnetic Media Information Payment Summary Annual Report” form that I send to the ATO. I have all my notes out & my MYOB manual but cannot find this anywhere. Also as we pay on Wednesday which is 2nd July but pay week is for 23rd – 27th is this included in last financial year?? I am in information overload ATM….Thank You J Natasha

Answer – The Magnetic Media form is created as one of the steps in the Payment Summary process in the bookkeeping software, in MYOB and Reckon/Quickbooks.

It is created to be completed and mailed with a CD back-up of the EMPDUPE file that is also created in the same process – save the EMPDUPE to desktop to burn to CD – then keep a copy in a Year End 2014 folder in your accounts documents on computer in case you need it again. I also copy all the Payment Summaries as PDF there so all are together.

If you have an AUSKEY from the ATO you will be able to upload the EMPDUPE via the Business Portal.

Since you pay in July for work in June, usually we don’t worry – just follow the usual routine of pay dates for earlier periods – it will mean the pays are taken as the DATE on the PAY – the date on the pay transaction in MYOB will be the month the pays are recognised and reported.

If you want to include the 23rd – 27th June work as part of  year 2014 you need to date the pays in June – do the “pay date” in the pay run as 30 Jun 14. Then they will be in the June period for reports and tax deduction, etc.

Need help? Not sure? Call for FREE 30min advice / Strategy session today!

Call 0407 361 596 Aust and also get FREE “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right!

Email info@accountkeepingplus.com.au or call 0407 361 596 Australia

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Author: accountkeepingplus

Administration, bookkeeping and compliance for small business, Training, trouble-shooting, or we can do the books and payroll for you! Self Managed Superannuation Fund Service Provider, free support MYOB Certified Consultant, Reckon/QuickBooks Professional Partner.

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