This Tax Season is the second following the introduction of Single Touch Payroll. So it makes sense that many people are unsure about what is happening with Payment Summaries (formerly Group Certificates) again this year.

For most people, what was their old payment summary, will now be available after 30th June in their ATO online services account. This is accessed through myGov and is now called an ‘income statement’.

Throughout the year, you can also access your year-to-date pay and super information through the same ATO online services account.

It might be tempting to get in early to complete your tax return with us, but it’s important to wait until your employer has finalised your income statement to make it ‘tax ready’. Most employers have until 31st July to check their employee’s income statement and finalise it for the year. Waiting will ensure there are no unexpected errors.

If you haven’t already done so, it is a good idea to set up a myGov account and link it to the ATO. An advantage of myGov is that you can link multiple Government services such as Medicare and the Australian Taxation Office in the one place.

This setup is not too complicated, and most people will have no problem, but for some, it is not necessarily a straightforward process, so make sure you leave plenty of time to set it up.

If you would like to know more about this significant change, please feel free to contact us and Join the conversation…

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