Tax time information for employees
By Tui Silvester
Tips to help you get tax ready.
How you get your end of financial year information from your employer showing your earnings for the year (also known as a payment summary or
income statement) depends on how your employer reports your income, tax and super information to us. You will be provided with either:
-
An income statement – if your employer reports through Single Touch Payroll (STP) they are no longer required to give you a payment summary,
this information will be made available to you through ATO online services via myGov and finalised by 31 July.
-
A payment summary – if your employer is not yet reporting through STP they will continue to provide you with a payment summary by 14 July
(as they do now).
For more information, click here to
read Accessing your payment summary factsheet or visit the ATO
website.
Deduction information for employees
The ATO have provided a number of factsheets relating to specific deduction items in the individual tax returns, these include Clothing
and laundry, Employees
working from home and Self-education
expenses.
These factsheets provide guidance as to what you can and can’t claim as a deduction, together with information on records required to
substantiate these claims.
There are also occupation and industry specific guides available for 30 different industries, providing information around common claims for
that particular industry, these can be useful to ensure you are providing your tax agent with the information for all deductions you are
entitled to. These guides can be found here.
Tui Silvester
Client Services Manager