PAYG Payment Summary is Changing
Under pay as you go (PAYG) withholding, every employee should receive from their employer a “payment summary” or previously called “group certificate” showing all the payments they have received and the amounts that have been withheld from those payments during a financial year.
As an employee, you would normally receive this by 14th July every year.
If your employer is registered for Single Touch Payroll (STP), the way you receive your PAYG Payment Summary is changing.
You will no longer receive paper form of PAYG Payment Summary, instead, all your end-of-year payment summary information is now called Income Statement and will be available through your myGov account.
If you don’t have a myGov account:
• You will need set one up, the following link explains the step by step: myGov help – Create a myGov Account
• As myGov account can also be linked to your Centrelink, Medicare, as well as Child Support online accounts, please make sure that your myGov account is also linked to ATO (Australian Taxation Office) so you will be able to view your Income Statement and prepare your income tax return.
If you already have a myGov account:
• Every time your employer pays you, your year-to-date information will be updated in myGov under Income Statement section. It’s important however to wait until your employer marks your information as final/tax ready before lodging your tax return.
• This year, STP employers have until 31 July to finalise their reporting. Once it’s finalised, the ATO will send a message to your myGov Inbox stating that your Income Statement is now ready for preparing your tax return.
• If you worked in multiple jobs this year, please make sure that all Income Statements are finalised before preparing your tax return otherwise you may need to lodge an amendment.
If you lodge through a tax agent:
• We will have access to your Income Statement once finalised through our Tax Agent Portal.
• Should you wish to view the Income Statement yourself, then you will need to create a myGov account.
If you are still receiving paper copy of PAYG Payment Summary this year, take note that you will not receive one next year as all employers have to be STP compliant starting 1 July 2019.
Contact CrossCorp if you have any questions.