The way you receive your payment summary (group certificate) is changing.
We have been hearing a lot of confusion surrounding the changes to the end of year payment summary (or group certificate as it was formerly known). In future this will be known as an income statement.
Your employer will let you know if they won't be giving you a payment summary this year. You should talk to your employer if you are unsure how they will be providing this information to you.
How you receive your end of year financial information will depend on how your employer reports this information to the ATO. You will be provided with either:
An income statement – if your employer reports your income, tax and super information to us 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).
Most employers are now required to report your 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. All employers will eventually report this way. If you have a myGov account you will be able to view your year to date payroll information at any time, and when your employer has finalised your income statement at the end of the financial year you will receive a message through myGov.
Despite the advice being given by some employers, having a myGov account is not compulsory. However, should you wish to access the available payroll information we would suggest that you will need to set up an account at some stage.
As your agent will still be able to see your income statement or payment summary information as well as receive a report with all of your information as we always have. As long as your employer has finalised your payroll data for the year and your income statement is tax ready.
The ATO has ahelpful videoexplaining the changes to your payment summary.
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