The introduction of Single Touch Payroll (STP) has changed the way some employees will receive their payment summary at the end of the financial year. Many employers are now required to report individuals’ payment, tax and superannuation information directly to the ATO each payday. Eventually, all employers will report with this method.
Employers who report income, tax and super information to the ATO through STP are no longer required to give employees a payment summary. Individuals’ income statement will now be made available through their ATO online services account, which is accessed through myGov and finalised by 31 July. Those who do not report through STP will continue to provide employees with a payment summary by 14 July.
Individuals with more than one employer may receive both a payment summary and an income statement. These individuals should check that income from all payment summaries is included in their return. This information may be pre-filled or may be needed to enter manually.
Talk to your employer if you are unsure of how they will be providing this information to you. To avoid lodging an amendment, wait until your employer finalises your income statement to make it ‘tax ready’ before lodging your tax return. Employers have until 31 July 2019 to check their employee’s income statement and finalise it for the year, though some may do so earlier.
You will receive a message on your myGov account when your income statement is accessible. In the event that you cannot access your income statement through myGov, contact the ATO for support with the matter.