If you’ve had a job for more than a year or two, you’ll be used to receiving a payment summary at the end of the financial year. The information in this is used in your tax return.
However, this year you may not receive a payment summary. What’s happened?
Many employers are now required to report their employees pay, tax and super information direct to the ATO each payday, so you can find all your information in one place when you need it.
This means that instead of a payment summary you will get an end-of-year income statement in ATO online services through myGov.
If you use a registered tax agent to lodge your tax return, you don't need to do anything. The ATO provide your agent with a direct link to your information so they're fully equipped to lodge your tax return as usual.
Your payment summary information will now be available at the end of the financial year in your ATO online services account through myGov and will be called an ‘income statement’.
To create a myGov account visit my.gov.au.
For more information, you can download the ATO STP factsheet here