As tax time for individuals comes closer, we’d like to remind you that most employers won’t be handing out what is commonly called a Group Certificate or also referred to as PAYG Payment summaries.
These are now known as Income statements and can be found in your MyGov account.
If your accountant does your Individual Tax Return for you, you do not need to worry about your income statement, as we have access to it.
Employers have until the end of July to upload it, so because of this we will be starting Tax Returns from 2ndAugust 2021.
The ATO have made a video explaining all this:
Access your income statement via your tax agent
Your tax agent will be able to access your income statement or payment summary information through their software.
Your agent will need to wait until the income statement has been marked as ‘Tax ready’ to prepare and lodge your return. Most employers have until 14 July to finalise their data. However, some employers have until 31 July to do this.
The ATO will send a notification to your myGov inbox when all of your income statements are ‘Tax ready’.
Access your income statement through ATO online services via myGov
If your employer is reporting through STP, you receive an income statement. You will be able to find your income statement through your ATO online services via myGov.
Your income statement will show your year-to-date salary and wages, the tax that has been withheld and the reported amounts of your employer super.
You will need to wait until your employer marks your income statement it as ‘Tax ready’ before you prepare and lodge your tax return. Most employers have until 14 July to do this but will often do it earlier. Some employers have until 31 July.
It is important that you don’t use any information that is not marked ‘Tax ready’ as your employer may finalise your income statement with different amounts. If you lodge before the statement is ‘Tax ready’, you may have to amend your tax return.
The ATO will send a notification to your myGov inbox when all of your income statements are ‘Tax ready’.
If after 31 July your income statement is not marked as ‘Tax ready’ in ATO online services, you will need to speak to your employer to find out when they will finalise your statement.
MyGov isn’t new, but if you haven’t set it up yet, watch this video below:
The full article of this can be found on the ATO website, here.
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