Only a few more days until the financial year is over! As we wait patiently for our payment summaries to arrive, it is important to note that this financial year there has been some changes.
What does the change mean for you?
Previously know as your “PAYG Payment Summary or Group Certificate” it is now referred to as an “income statement.” This will be available in the ATO online services through myGov.
How do I access my statement?
Before you can access your income statement, you must have a myGov account. From here you will be required to link your myGov account to the Australian Taxation Office before you can access the income statement.
To do this you will need 2 of the following ready:
Tax file number
Assessment notice from a prior year
2 PAYG summaries non-business
Bank account details
When will my income statement become available?
To avoid additional tax and interest, it is important that you wait until your employer marks your information as tax ready before lodging your return. Your employer may make changes if you lodge your return before your income statement is ready. A message will be sent to your myGov inbox when your tax is ready. Most employers have until 31 July 2019 to upload your statement to myGov.
As this change is being newly implemented in the 2018/2019 financial year, if you have had multiple employers this financial year, not all employers may upload to your myGov account. It is important to ensure that ALL your income is included when you are lodging your tax return.
At Power2 we make lodging your returns quick and easy for you. If you need assistance lodging your return, it’s time to come see us at Power 2 accounting, click here to contact us today.
Financial Planning services provided as Authorised Representatives of Power 2 Financial Services Pty Ltd ABN 51 164 747 595 Australian Financial Services Licence No. 444078
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