SINGLE TOUCH PAYROLL FOR EMPLOYEES
It’s tax time again! But your employer has not given you your PAYG Payment Summary. The reason is because the way employers report your tax and super information to the ATO is changing.
This reporting change is called Single Touch Payroll (STP) and applies to employers who have 20 or more employees from 1 July 2018 and smaller employers (19 or fewer employees) from 1 July 2019.
Employers reporting through STP send your tax and super information to the ATO each time they pay you. You can see your year-to-date tax and super information by logging into myGov and accessing ATO online services. If you don’t have a myGov account it is easy to set one up.
You will need an email address to create your account and then use your email address or mobile phone to sign in. Once your myGov account is set up, you can link it to ATO online services.
Please note, however, it is NOT compulsory to have a myGov account.
If your employer reports through STP, they don’t have to give you an end-of-year payment summary.
The information will be supplied in an income tax statement available in myGov; a notification will be sent to your myGov Inbox when it is ‘tax ready’ so that you or your registered tax agent can prepare your tax return.
As your tax agent, we will have access to your income statement (even if you don’t have a myGov account) using a prefill report to download the information into the tax return. This report also includes details of income from other employers not using STP (if you work for more than one employer), bank interest, dividends and private health insurance premiums.
You will still need to provide us with information relating to work related deductions; also, if necessary, rental properties or small business income and expenses.
ONE LAST IMPORTANT THING!
Your employer or your accountant/tax agent do NOT need the username or password of your myGov account. Any request to provide such details should be denied.
Please contact us if you have any questions.