With the introduction of Single Touch Payroll for employees, the way workplaces report your tax and super information the ATO has changed.
The ATO have changed the way workplaces will be reporting your tax and super information which will provide the ATO with your tax and super information on more of a frequent basis. The new reporting system is called ‘Single Touch Payroll’ (STP) and applies to employers who have 20 or more employees from 1 July 2018 and smaller employers (those with 19 or fewer) commencing 1 July 2019.
Changes Resulting From Single Touch Payroll
Here are some of the changes you will see the tax season if your workplace has already adopted Single Touch Payroll.
You will see your year-to-date tax and super information by logging into myGov and accessing ATO online services or contacting Taxwise, your trusted registered tax agent. It may take a few days for the ATO online services information to be updated after your employer pays you. That means the information you see in ATO online services may not always match what you see on your pay slip.
Your Payment Summary Information
Your payment summary information will now be called an ‘Income Statement’ in ATO online services. This is the equivalent of a payment summary or a group certificate.
With the new Single Touch Payroll initiative by the ATO your workplace does NOT need to provide you with an end-of-year payment summary instead you will only be able to access your income statement through Taxwise, your registered tax agent or the ATO’s online system.
When you call Taxwise for your 2019 tax return appointment we will be able to check your income statements are ‘tax ready’. Alternatively you can log into the ATO’s online system to see if your income statements are finalized by your employer and the ATO.
You will also be able to review your super and HELP debt balances more frequently and the account information will also be more readily available for tax purposes.
The ATO have initiated this system so for more transparency and as a bonus it means you should be able to complete your tax return earlier than previous years. So once you receive your final pay before 30 June 2019 call Taxwise on 08 9248 8124 to schedule in your tax appointment and of course if you have any questions about this article we would love to hear from you.
HAVE QUESTIONS ABOUT SINGLE TOUCH PAYROLL?
CALL (08) 9248 8124 NOW OR SIMPLY FILL IN THE FORM BELOW