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How to complete the individual PAYG payment summary schedule 2004

Last updated 17 February 2020

Step 1

Write your tax file number (TFN) and name in the appropriate boxes at the top of the schedule.

Step 2

Nature of income - Print X in the Personal services income box.

Note

If you have both PSI (item P1) and business income (item P8) you will need to complete two separate Individual PAYG payment summary schedules

Step 3

For each payment summary, transfer the following information to the schedule:

  • the type of withholding – look at your payment summary carefully to determine its type and complete the TYPE box, using the following key
    V voluntary agreements
    N withholding where ABN not quoted
    S labour hire or other specified payments
  • the payer's ABN or withholding payer number (WPN and the payer's name in the appropriate boxes
  • the total tax withheld at the Tax withheld box
  • the gross payments in the Gross payment box
 

Step 4

Check that you have recorded details from all relevant payment summaries on your schedule and attached it to page 3 of your tax return

Do not attach the payment summaries to your tax return.

You are required to keep them for a period of five years.

Payers are required to report to the Tax Office details of payments where amounts of tax have been withheld. This information will be cross-checked with that on your tax return to ensure that you have declared the correct amount of income and the correct amount of tax withheld.

Label M: PSI-voluntary agreement

Did you receive any income that was subject to a PAYG voluntary agreement?

No

Go to label N.

Yes

Read on.

Label M is the total income you received that was subject to a PAYG voluntary agreement, including amounts of tax withheld. You will be able to calculate this amount from your completed Individual PAYG payment summary schedule 2004 (PDF 171KB)This link will download a file NAT 3647–04.

Completing this label

Add up all amounts from the Individual PAYG payment summary schedule 2004 at Gross payment boxes with a corresponding V in the TYPE box. Write this amount at M item P1. Do not show cents.

If you complete this label you must also complete G item 13 on your tax return.

Label N: PSI-where Australian business number not quoted

Did you have any amounts of tax withheld from your PSI for failure to quote an Australian business number (ABN)?

No

Go to label O.

Yes

Read on.

Label N is your total PSI from which an amount has been withheld because you did not quote your ABN, including the amounts of tax withheld.

You will be able to calculate this amount from your completed Individual PAYG payment summary schedule 2004.

Completing this label

From the Individual PAYG payment summary schedule 2004 add up all amounts at Gross payment boxes which have N in the TYPE box. Write this amount at N item P1. Do not show cents.

If you complete this label you must also complete H item 13 on your tax return.

Label O: PSI-Labour hire or other specified payments

Did you receive any PSI under a labour hire arrangement or from a specified payment?

No

Go to label J.

Yes

Read on.

Label O is the total income you received from labour hire or other specified payments, including amounts of tax withheld. You will be able to calculate this amount from your completed Individual PAYG payment summary schedule 2004.

Do not include income received as an employee of a labour hire business. These amounts will appear on your PAYG withholding payment summary – individual non business and should be shown at item 1 on your tax return.

Completing this label

From the Individual PAYG payment summary schedule 2004 add up all the amounts at the Gross payment boxes with a corresponding S in the TYPE box. Write this amount at O item P1. Do not show cents.

If you complete this label you must also complete J item 13 on your tax return.

Label J: PSI-other

Did you receive any other PSI?

No

Go to Personal services income deductions.

Yes

Read on.

Work out the total amount of other PSI and write this amount at J item P1. Do not include any amounts of GST.

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