Income Statement
If your employer reports your income, tax and super information through Single Touch Payroll (STP) to the ATO, they are no longer required to give you a payment summary. Your employer must finalise your income statement by 14 July, they will let you know if there are any delays in the finalisation.
You will receive a notification to your myGov inbox when all of your income statements are 'Tax ready'.
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. If you lodge before the statement is 'Tax ready', you may have to amend your tax return.
If your income statement is not marked as 'Tax ready' in ATO online services by 31 July, you will need to contact your employer to find out when they will finalise your statement.
Payment Summary
If your employer is not reporting through STP they will continue to provide you with a payment summary by 14 July.
Your employer should let you know if you will receive an income statement or payment summary, you should talk to them if you are unsure.
Once your income statement or payment summary is finalised, we can prepare and lodge your tax return.
Information you we will need to lodge your tax return
- Income statement or payment summaries (tax ready) from all employers,
-
Centrelink payments,
- Interest & dividend statement,
- Receipts or statements for the expenses you are claiming as deductions,
- Spouse's income,
- Private health insurance,
- Bank account details.
Pre-fill information is usually available by late July, you can check who has reported information to the ATO by following the links below:
Working from home
In addition to the existing fixed rate and actual cost methods, the temporary ‘shortcut method’ of 80 cents per hour worked from home was initially introduced and applied from 1 March to 30 June 2020. However, the ATO extended the method until 30 June 2022.
This method is an all-inclusive rate that requires simple record keeping and a single calculation step. You must keep a record of the number of hours you have worked from home, this could be a timesheet, roster, diary, or similar document that sets out the hours you worked.
Best time to complete your tax return
To save time and avoid mistakes, the best time to complete your tax return is from late July.
Pre-filled information including income statements would have been reported to the ATO. The pre-fill information will ensure the return is correct and minimise the risk of penalties and interest charges being imposed by the ATO.
Preparing Returns
Collate your receipts, ensure your income statement is tax ready and click on the Contact Us button below to advise our office.
You will receive a proposal through our online system to review our engagement terms and sign electronically.
Providing Receipts
Once the signed proposal is received, our office will email a link to complete our Questionnaire and a secure online link to upload your receipts directly to our office.
The links will ensure your individual details and documents remain secure and only accessed by our office.
Alternatively, you can provide paper documents by mail or drop them into the office or scan and email.
Signing Returns
Tax returns will be emailed through our secure Xero Sign Portal to review and sign electronically.
Please contact our office if you have any queries or require any further information.
