Payment Summaries are now called an Income Statement
Single Touch Payroll – Could it be the biggest adjustment to Australian Businesses since Good & Services Tax (GST)?
The Australian Taxation Office recently introduced Single Touch Payroll (STP), this is a new legal requirement to report salaries and wages, PAYG withholding and superannuation via STP-enabled software to the ATO each time you are paid by your employer.
Payment summaries/Group Certificates are now called an income statement. Your employer is not obliged to give you an end of year payment summary for the information they report through Single Touch Payroll system. Your payment summary information will be available in myGov at the end of the financial year.
You will be able to obtain this information by logging into myGov and accessing ATO online services. If you do not have a myGov account, click on link Setting Up your myGov account.
The ATO will send a notification to your myGov inbox when your income statement is ‘tax ready’. If you have a Tax Agent, your tax agent will then have access to your income statement. If you are without a Tax Agent, only you will have access to your income statement and you can lodge your tax return via myTax. Poole Group can assist once appointed as your registered agent, give us a call on 07 5437 9900.
As your registered tax agent we will know if your employer reports through STP and as mentioned we will have access to your income statement to prepare your tax return.
If you need any help, please do not hesitate to contact us on 07 5437 9900.