As of 2019, there are a few changes to the way you can access the information necessary to do your tax return. These changes can be confusing. A lot of people are unaware that there have even been changes at all.
Here is how you can get your Annual PAYG Information for your 2019 tax return.
Single Touch Payroll
The Single Touch Payroll is a new ATO initiative whereby employers send all of their employee payroll information to the ATO at the same time they pay their employees. This information includes salary, wages, PAYG withholding, and superannuation. This system replaces the traditional payment summary your employer usually gives you at the end of the financial year, otherwise known as a group certificate.
As of this financial year, Single Touch Payroll is mandatory for all employers with 20 or more employees and will become mandatory for employers with 19 or less employees next financial year.
If your employer uses Single Touch Payroll, you will be able to access your income statement by logging into your myGov account online and using the ATO online services which are linked to it.
If you do not yet have a myGov account and would like to access your income statement online, you will have to create an account and then link the ATO online services. This will require you to confirm your identity with your Tax File Number, and potentially other forms of identification such as your passport. From here, you will be able to see your income statement under the tab ‘Employment’.
On your income statement you will find information such as your salary and wages, withheld tax, and your superannuation. Unlike a payment summary or group certificate, this information is updated each time you receive a payslip.
At the end of the financial year, your income statement will be labelled as ‘tax ready’, meaning you are able to use it to fill out your tax return. If you are using the myTax system for your tax return, the information from your Single Touch Payroll income statement will automatically be pre-filled.
If you are using a registered tax agent, they will already have access to the information from your income statement needed for your tax return.
If you do not use myGov, you can contact the ATO for a copy of your income statement.
You should also be aware that if you have multiple jobs, some employers may be using Single Touch Payment, and others may still issue payment summaries. If this is the case, you will need to make sure you have all the information necessary from your different jobs before lodging your tax return. This may be a combination of income statements and payment summaries.
Approach Your Employer
If your employer is not using the Single Touch Payment system, they should still send you your payment summary for the year. If they have not done so, you should approach your employer and inquire for further information. If you have received an income statement through the myGov website or the ATO, but would still like your payment summary, they should also still be able to provide this to you.
They will have direct access to the information you require through their salary system and should easily be able to provide it to you.
Contact Your Tax Agent
If the first two methods fail and you are still unable to access your PAYG information, using a tax agent can come in handy. Complete as much of your return as possible – such as filling out the deductions you’re eligible for – and then contact your tax agent later in July. Registered tax agents have access to your income statement and will be able to relay the information to you, and by that time the ATO portal will have the up-to-date information that you need.