1.1.P.75 Payment summary
Definition
A payment summary, previously known as a Group Certificate, refers to a written statement that:
- names the payer (individual, business, company) and the individual who received the payments
- if the individual has given their TFN or ABN to the payer - states the TFN or ABN
- states the total of the withholding payments that it covers and the total amounts withheld (previously tax instalment deductions), if any, by the payer from those withholding payments
- specifies the financial year in which the withholding payments were made
- specifies the reportable fringe benefits amount, if any, that it covers in the income year to which that amount relates, and identifies whether or not the income is an exempt benefit from an employer described in the Fringe Benefits Tax Assessment Act 1986 section 57A, and
- specifies the reportable employer superannuation contributions, if any, that it covers and the income year to which those contributions relate.
Act reference: Taxation Administration Act 1953 Schedule 1 Collection and recovery of income tax and other liabilities, Chapter 2 Collection, recovery and administration of income tax, Part 2-5 Pay as you go (PAYG) withholding
Fringe Benefits Tax Assessment Act 1986 Part III section 57A Exempt benefits-public benevolent institutions, health promotion charities, some hospitals and public ambulance services, Part XIB section 135P Employee's reportable fringe benefits amount-general rule, Part XIB section 135Q Reportable fringe benefits amount for some employees of certain institutions