The gross pay shows all income types such as normal pay, overtime and allowances, but the taxable pay includes only those income types that are taxable. The deductions show amounts such as union fees that are taken out of the after-tax pay before payment is made to the employee.
This report lets users check total pay amounts for the selected period, and may prove useful for other purposes such as Fringe Benefits Tax returns.
All you need to send to the ATO are the magnetic media file and this Magnetic Media Information form. Users reporting by magnetic media can print payment summaries on plain paper. You do not need to complete a “PAYG Payment Summary Statement” (previously called an annual reconciliation) when using magnetic media, nor do you need to lodge paper copies of the payment summaries.