With the end of financial year, many people are looking to get their personal tax returns done as early as possible this year to receive their hopeful tax refund. We are getting a lot of questions from clients regarding changes to their payment summaries. There is a new way most employers now report your wages to the ATO and this has changed how your employer provides the annual payment summaries to you.
There are now three ways you can access your information: –
- Your employer may still report under the old method and you will receive the usual payment summary;
- Your tax agent can still access your information and can prepare your return;
- You can log on to your myGov account and access your Income Statement which provides the wage information. You will get an alert that this statement is finalised and tax ready and that is your indication you can prepare your return.
This ATO summary provides a great summary of this information, but if you do have any questions please do not hesitate to contact us.