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Australian EOFY: What you need to know

Australian EOFY: What you need to know From the 2016/17 financial year a new format of Payment Summaries is required.

In the past, changes to payment summary formats have been phased in, meaning multiple formats would be permitted in transitional years. This year is different.

All employers in Australia must produce Payment Summaries and the Payment Summary Annual Report (aka PSAR or empdupe file) in the new format.

Released prior to the end of June 2017, Sybiz Visipay 16.10 is the minimum version which includes the new format. All Sybiz Visipay customers must be on this version or above for the end of financial year reporting.

Due to these recent legislation changes, a new flag has been added to employee records to designate the type of income received by the employee. Sybiz Visipay 16.10 defaults the value to Salary or Wages with other options for Working Holiday Makers and Pension or Annuity Payments.

If some employees have an Income Type other than Salary or Wages it can be changed at any time prior to producing payment summaries in the employee’s record under the Employment tab.

Another change for the 2016/17 financial year end reporting process applies to employers who are entitled to claim an FBT exemption under s57A of the Fringe Benefits Tax Assessment Act 1986.

When producing your payment summaries there is a new check box to be utilised by those entitled to the exemption. This check box is unchecked by default and can be ignored by all other employers.

If you wish to know more about how these changes will affect you, or you would like to ask us about your circumstances, we will be holding several EOFY webinar sessions in the coming weeks.

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