Changes to tax re­port­ing

The Weekly Advertiser Horsham - - Understand­ing Your Tax -

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.

“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 pre­filled 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.

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