THE WAY YOU GET YOUR PAYMENT SUMMARY IS CHANGING
Many employers are now required to report your pay, tax and super information direct to us each payday, so you can find all your information in one place when you need it. All employers will eventually report this way.
- An employer who does report to us this way will not have to give you a payment summary. Instead, you will get an end-of-year income statement in ATO online services through myGov.
- An employer who does not report to us this way will still need to give you a payment summary at the end of the financial year (as they do now).
Your payment summary information will be available in the following ways:
- ATO online services via myGov
- Your employer
- Via your agent.
Through ATO online services via myGov
For most people, their payment summary information will now be available at the end of the financial year in their ATO online services account through myGov and will be called an ‘income statement’.
Your year-to-date pay and super information is also available to you throughout the year in your ATO online services account.
It’s important to wait until your employer finalises your income statement to make it ‘tax ready’ before you or your agent lodge your tax return. Most employers have until 31 July 2019 to check their employee’s income statement and finalise it for the year.
After 1 July we’ll send a message to your myGov Inbox when your income statement is tax ready so you or your registered tax agent can then lodge your tax return. Other information is usually pre-filled in your tax return by mid-August, such as information from health funds, banks, government agencies and more.
If you or your agent lodges your tax return and your income statement is not tax ready, your employer might make changes, and you may need to lodge an amendment. In some cases, additional tax and interest may be payable.
To create a myGov account visit my.gov.auExternal Link
Through your employer
Your employer will continue to give you a payment summary if they are not yet reporting your tax and super information to us each pay day.
If you have more than one job, your other employers may still need to provide you with a payment summary. Ask your employer if you’re not sure and make sure all your income is included when lodging your tax return.
Using a registered tax agent
Your agent will still be able to see your income statement or payment summary information as well as receive a report with all of your information pre-filled in your income tax return.
Aspire Now through its Tax Agent Partners – Acro Accounting & Advanced Accounting ensure you pay no more Tax than required in a compliant environment.
If you need any assistance in any of the above, please do not hesitate to call me or the Aspire Now team on 07-38998062 for assistance.
NOTE: LIKE US ON FACEBOOK AND STAY UP TO DATE CLICK HERE: https://business.facebook.com/AspireNow.PtyLtd/
Mr. Carlos Rodriguez - Principal at Aspire Now
Aspire Now Head Office,
5B, 2994, Logan Road,
Underwood, QLD 4119
(07) 3899 8062