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New changes to tax reporting

The Australian Taxation Office has advised taxpayers improvements to reporting requirements mean some people might not receive a payment summary directly from their employer this financial year.

This information, now referred to as an income statement, will continue to be pre-filled into people’s income-tax return or provided to their registered agent.

ATO assistant commissioner Karen Foat said this was because many employers were now reporting wages, tax and super information to the ATO each payday.

“About nine-million Australians will be able to see their year-to-date salary and wages, PAYG withholding tax, and any employer super contributions in near real time,” she said.

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“If you use a tax agent to lodge your return, you don’t need to do anything. 

“We provide your agent with this information and they can lodge your return as usual.

“If you lodge your own return using myTax, this information will be pre-filled into your return.

“Most employers have until July 31, 2019 to finalise their employees’ income statements so, we strongly encourage taxpayers to wait a few weeks before lodging their tax return.”

Ms Foat said the system also allows for other information, such as from banks, health funds and government agencies, to be pre-filled in the return as well, making the whole process easier.

“If you lodge your tax return before your income statement is tax ready, your employer might make changes, and you might need to lodge an amendment. In some cases, additional tax and interest may be payable,” she said.

“Taxpayers who have linked their myGov accounts to ATO online services will receive a message when their income statement is tax ready, for agents this information will be available in pre-fill reports.

“We know from previous years that early birds who lodge in the first weeks of July are far more likely to make mistakes or submit incomplete data. That’s why we suggest waiting and letting the ATO do most of the work pre-filling your tax return.” 

The ATO is also warning taxpayers with multiple jobs to take extra care. 

“Those with more than one job should wait until all their employers have reported to the ATO or provided a payment summary,” Ms Foat said.

“If people can’t access their information via myGov or lodge a paper return, they can call the tax office on 13 28 61 for a copy of their income statement.

The entire July 10, 2019 edition of The Weekly Advertiser is available online. READ IT HERE!