An income statement is the document prepared by your employers where you can see your income for the financial year. An income statement will show your year-to-date salary/wages along with the tax that has been withheld and the reported amounts of your employer super.
Generally, employers perform this report through Single Touch Payroll (STP). If your employer does this, it means that you will not get a payment summary. This article will discuss the ways that you can access your income statement.
How you will receive your income statement
Your income statement will be provided by your employer with your end of year statement as either:
1. An Income Statement: If your employer reports to the ATO through Single Touch Payroll.
2. A Payment Summary: If your employer is not yet reporting through STP your employers will continue to provide you with a summary by 14th of July.
Your employer will let you know whether you will receive and income statement or a payment summary, speak to your employer if you are unsure.
It is important to note that employers are now no longer required to provide you with a payment summary if they report through STP. However, you are able to access this information through your tax agent or through your myGov account after it is finalized by the 31st of July.
What if I have more than one employer?
You may receive both an income statement and a payment summary your two employers. In this case, you will need to check that income from your payment summaries is included in your return. This information may be prefilled, or you may need to enter this information manually.
See the ATO’s article on Single Touch Payroll for employees to access a summary factsheet of the changes to accessing your payment summary.
Here are the two ways that you can access your income statement:
Option 1 – Via your tax agent
Tax agents can access income statements and payment summaries through their software or through online accounting services for agents.
Tax agents need to wait until the income statement has been marked as Tax Ready before they are able to prepare and lodge your return. Generally, most employers have until July 14th to finalize their data. However, some employers have until July 31st to do this.
You will receive a notification to your myGov inbox when all your income statements are Tax Ready.
Tax Agents already have access to the final information in their Tax Return Preparation software, so if you want to speed up the process, save time and reduce stress, book an appointment by emailing us at Info@solutionin.com.au or book an appointment online.
Option 2 – Via the ATO’s online services through myGov
If your employers are reporting through STP, you will receive an income statement. You will be able to find this statement through your myGov account.
It is important to wait until your employer marks your income statement as Tax Ready before you prepare your lodgment. Most employers have until July 14th to finalize their data. However, some employers have until July 31st to do this.
If you submit your lodgment before the statement is Tax Ready you may have to amend your tax return. You will receive a notification in your myGov inbox when all of your income statements are ready.
How to find your statement through myGov:
2. Select ATO Online Services
3. Select Employment
4. Select Income Statement
On this screen you will be able to see the income earned from the financial year from your employer/s as well as the tax that has been withheld.
But what if my income statement isn’t ready?
If your income statement has a red box that says “Not Tax Ready”, you will need to contact your employer to find out when they will finalize your statement.
If you choose to lodge before your income statement is finalized, you may need to amend your tax return if the final income statement has a different amount.
We’re here to help!
Do you need assistance accessing your income statement or any other accounting troubles? Get in touch with Solution In today! Tax Agents already have access to the final information in their Tax Return Preparation software, so if you want to speed up the process book an appointment by emailing us at Info@solutionin.com.au or book an appointment via