ATO Encourages early lodgers to wait this tax time

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The ATO is reminding taxpayers that, due to the shift to the Single Touch Payroll system, they may not receive a payment summary directly from their employers this year as this information (income statements) will be pre-filled into their income tax return or provided to their registered agent.

Taxpayers will be able to see their year-tp-date salary and wages, PAYG withholding tax, and any employer super contributions in near real time as many employers are now reporting wages, tax and super information to the ATO each payday.

The ATO has advised:

  • taxpayers to wait for a few weeks before lodging their tax returns as employers have until 31 July 2019 to finalise income statements, and to allow the ATO to do the pre-filling of tax returns, and

  • those with multiple jobs to ensure that all their employers have reported to the ATO before filing returns.

Taxpayers who have linked their myGov accounts to ATO online services will receive a message when their income statement is tax ready.

Source: ATO media release, 28 June 2019

Cristy Houghton