End of Financial Year (EOFY) is just around the corner and marks the end of another successful year for Agri Labour Australia delivering specialist recruitment solutions to the agriculture industry. It’s also when ALA’s hard working finance team are usually busy producing and issuing candidates with Payment Summaries.
In 2018, the Australian Tax Office (ATO) announced a new tax reporting system called ‘Single Touch Payroll’ – a new and simplified way for employers to report employees’ tax and superannuation information to the ATO.
The new system sees employers report each pay run to the ATO immediately after it’s been processed and contains the same information that employees and candidates see on their payslips including; gross, net, tax withheld, deductions and superannuation.
What does this mean for you?
Streamlined and efficient, the new system means that you can access your income statement (which can also be known as a Payment Summary or Group Certificate) through your MyGov account at any time.
To access your income statement, make sure you’ve registered for a MyGov account with your email address, link it to the ATO online services and then follow these simple instructions:
- Log in to MyGov using your email address or mobile phone number.
- Select ATO online services.
- Click on My profile at the top of the screen.
- Select My employment and then Income statement
How does Single Touch Payroll help me?
Each time you are paid, your year to date tax and super information will be updated in MyGov and you’ll be able to see how much you’ve been paid since the start of the financial year.
The system will also provide you with a notification to your MyGov inbox when your income statement is ‘tax ready’ and able to be processed by a registered tax agent. Simple!
For more information visit the ATO website and take a look at the information for employees.