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What to bring to your Tax Appointment…

May 7, 2019
Tax Time is almost here. In previous tax years there seems to be a Common theme in the questions that are being asked when clients are booking in their appointments. What do I need to bring? It’s not something we learn at school or anywhere for that fact, That is how to do your taxes, so you rely on your Accountant to be able to guide you. So, I thought I would compile a short list to get you on your way, whether you’re new to taxes or if you can’t remember what you need to bring with you. First thing first your Payment Summary (also known as your Group Certificate) all of them , and don’t forget if you worked for someone for one week last July you will need the payment summary from them also. They have until the 14th of July for you to issue them. Some of you may not receive a payment summary for the 2019 you may have an income statement instead which can be accessed by us via the ATO Portal from about July 31 (see our previous post re income statements) Any other income you may have earned for example Rent from investment properties, Interest from your savings accounts, and dividends. If you receive any Centrelink income their Payment Summaries are usually not posted out to you but available on MyGov or can be accessed by your Accountant via the ATO Portal. These usually aren’t available until the 14th of July so if you receive Centrelink income make sure you don’t make your appointment before this date. Records of any deductions. As your accountant, we don’t necessarily need to see every single receipt you have but in the case of an ATO Audit or Review make sure you have them ready on hand for proof. We do however would like to see records of kms traveled, Diary evidence for percentages used etc. Don’t forget the 3 main rules in claiming deductions, you have to have spent it to claim it , it must be directly related to your job and you must NOT have been reimbursed for the claim.

Payment Summary, Group Certificate, Income Statements….

May 2, 2019
As you already know the ATO are forever changing the way they do things, and this year is no exception with the introduction of Single Touch Payroll, to find out more how you will be accessing your information at tax time , for further information refer to the detailed information below released by the ATO. Accessing your payment summary 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). 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. If you have more than one employer, you may receive both a payment summary and an income statement. You will need to check that income from your payment summaries is included in your return. This information may be pre-filled for you or you might need to enter it manually. If your employer is reporting through STP and you can’t access your information via myGov, you can contact us on 13 28 61 for a copy of your income statement. Learn more about getting your end of financial year information through: ATO online service via myGov your tax agent. Through ATO online services via myGov If your employer has started reporting through STP, they are no longer required to give you a payment summary. You will instead receive an income statement. You will be able to access this information through your ATO online services via myGov. Your income statement will show your year-to-date salary and wages, the tax that has been withheld and the reported amounts of your employer super. Your income statement/s will be ready to use in your tax return when your employer marks it as ‘Tax ready’. They have until 31 July to do this but will often do it earlier. It is important that you don’t use any information that is not marked ‘Tax ready’ as your employer may finalise your income statement with different amounts which means you may have to amend your tax return. We will send a notification to your myGov inbox when all of your income statements are ‘Tax ready’. How to access your income statement If your myGov account is set up and linked to ATO online services, you need to: Log in to myGov using your email address or mobile phone