15th July 2020 | Accounting
The way you get your Payment Summary is changing
Most employers are no report through Single Touch Payroll, where your pay, tax and super information gets sent directly to the ATO. All employers will eventually report this way.
Your Payment Summary Information will be available in the following ways:
- 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 Tax 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 are 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 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 us at Ax3 or your registered tax agent can then lodge your Tax return. Other information is usually pre-filled in your Tax return by the end of July, such as information from Health funds, Banks, Government Agencies and more. If you or Ax3 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.au
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 payday.
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
Us at Ax3 being your Tax Agent will 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.
Resources and details of the above are from the ATO website.
Click here for the ATO fact sheet.
For more information about the above article, click here.