The ATO has also reminded employees that how they get their end of financial year information from their employer, showing their earnings for the year (i.e. their payment summary or income statement) depends on how their employer reports their income, tax and super information to the ATO.
They will be provided with either:
- a payment summary – employers that are not yet reporting through single touch payroll (STP) will continue to provide employees with a payment summary by 14 July; or
- an income statement – employers that report through STP are no longer required to give employees a payment summary; instead this information will be made available to the employees through the ATO online service via myGov and finalised by 31 July (i.e., when the employer marks it as ‘Tax ready’.)
Employers should let employees know if they won’t be giving them a payment summary this year.
Employees with more than one employer may receive both payment summary and an income statement, and they will need to check that income from their payment summaries is included in their return (e.g., through pre-filling).
The ATO will send a notification to an employee’s myGov inbox when all of their income statements are ‘Tax ready’.
Note that tax agents will be able to access employees’ payment summaries or income statement information (once marked as ‘Tax ready’) through their software or the Tax Agent Portal (this has not changed).
If you require any further information, please contact one of our tax accountants on 1300 QUINNS (1300 784 667) or on +61 2 9223 9166 to arrange an appointment or teleconference. Alternatively, please click here to submit an online enquiry form.