Tax time information for employees

Posted 5 Jul '19

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 laundryEmployees 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

Recent Posts

Make sure you set your small business budget! It's a great way to eliminate wasteful spending and get to profitability faster. Setting a budget isn't complicated but it can still help to involve an expert.

Small business is all about relationships. But when these go wrong, it is devastating. Ensure you have the systems in place to routinely look at where your money’s going in order to safeguard your business and your relationships.