There's been lots of chatter and movement over the past couple of years regarding Single Touch Payroll (STP). The inevitable has finally happened, moving your employee data online. What does this mean for you? Depending on your employer, and how they currently report to the ATO, you may or may not receive a payment summary this year. If you do, chances are it will be the very last one!
Income Statements are replacing Payment Summaries
If your employer is already using STP, you will have access to an income statement after the end of the financial year. If you have a myGov account, you will be able to access your income statement after July 31st 2019. If your employer is not yet using STP, you will still receive your normal payment summary this year. Ask your employer if you're not sure and they will let you know which method to expect. It is important to note that if you were employed by more than one employer, you may receive both income statements and payment summaries.
You can find more information about single touch payroll for employees here.
Instant Access to your Information
The ATO has also made it super easy for you to check your year-to-date tax and super information within your myGov account. If you don't already have your myGov setup and linked to the ATO, you can find information here.
If you use a Tax Agent to get your tax return lodged, they will continue to have access to your payment summary or income statement through their online agent portal, so nothing has really changed in that regard. Employers using STP will need to have your data 'tax ready' by 31st July, so your tax agent may not have your end of year information until then. Keep in mind too, if your employer is still providing a payment summary, your tax agent may not have access to it until 14 August (so if you need to do your return sooner, you may need the copy your employer gave you).
If you need help with your end of year financials, we can help. Contact us today.