PAYG Payment Summaries – No Longer
It’s that time of year again – tax time, where the vast majority of people in Australia start piecing together and preparing their annual Tax Return Lodgement, in the anticipation of that much needed refund.
For decades, the traditional end of financial year PAYG Payment Summary was the cornerstone item most employees required to prepare their Tax Return Lodgement. The PAYG Payment Summary was often posted to the individuals’ home address in the first two weeks of July each year.
However, in the last one to two years, the PAYG Payment Summary has become all but extinct, with the arrival of the Single Touch Payroll system in businesses throughout Australia.
The PAYG Payment Summary has now been replaced by the Income Statement, which is available for download in each individual’s MyGov Account.
Single Touch Payroll allows businesses to submit payroll and superannuation data for all employees to the ATO in line with each payroll cycle, whether it be weekly, fortnightly or monthly.
By accessing their MyGov account, an individual can see their payroll information in real time, up-to-date mode.
