About Quick Tips

At every Synergy48 Group meeting members share useful information from their industry that may be of value to other members’ clients. Sometimes it’s just a quick tip like this one.

QUICK TIP: What will the ATO find if they data match your records?

As we transition from issuing payment summaries to employees to being a part of the STP system of reporting wages and super to the ATO there still exists the need to make sure that the information you are reporting is accurate and agrees with what is in your accounting system.  A good practice for the end of financial year and before you either lodge the PSAR (PAYG Withholding Summary Annual Report) or finalise the STP, is to do some simple checks.  Does the information in your payroll system agree with your profit and loss?  Are your balance sheet payables correct at the end of the year? Does the payroll information in your system agree with the various activity statement lodgements you have done throughout the year?  Have you paid your super and does your system payments agree with the actual payments made?  The ATO do data match and if they find something that doesn’t say what they expect it to say, they will get in touch.

This Quick Tip was brought to you by Heidi Froelich from H Froelich Bookkeeping

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