Income Statement
The Australian Taxation Office (ATO) automatically receives information from your employers about salary and wages that you have been paid for the financial year.
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
Although STP is now a mandatory obligation for employers, it’s still possible that some employers won’t have moved across to STP, so you could receive a PAYG Payment Summary by post or email.
If the PAYG payment summary has been submitted to the ATO electronically, you will be able to view it via myGov and your tax agent will be able to see it as well. 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.
If you do not yet have a myGov account, you can create one online and link to the ATO here.
Information you we will need to lodge your tax return
Income
You need to declare all income, (even if it’s just a small amount), from other sources on your tax return as well. You’ll also need documents such as statements, invoices and reports to show all earnings.
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Wages, salaries, allowances or bonuses from all employers (Income Statements).
Pensions, annuities or other government payments.
Investment income including interest earned and dividends received.
Business and hobby income, if you have a side-business as well as a job.
Foreign income.
Crowdfunding income.
Sharing economy income such as Uber or Airbnb.
Income from overseas sources.
Income such as hobbies, prize money, compensation or insurance payments may be tax free but check with us.
Pre-fill information is usually available by late July, you can check who has reported income information to the ATO with the links below:
Work-Related Expenses
Employees are entitled to claim work-related expenses as a tax deduction. To claim a deduction, you must have spent the money out of your own funds and not have been reimbursed by your employer.
The expenses must relate to your earnings as an employee. Make sure you have invoices and receipts as proof of payment for any work-related expenses. Expenses you may be able to claim:
Vehicle and travel expenses – use a travel diary to record details of trips taken for your employment.
Clothing, laundry and dry-cleaning expenses – you can claim for occupation specific clothing, uniforms and protective gear.
Self-education expenses – some education expenses that relate to your current employment are claimable.
Tools and equipment – if you buy gear to help you in your job, this may be claimable. Small tools of trade, protective items, professional references and laptops are some examples of equipment you may be able to claim.
Superannuation contributions you have made separate to your employer’s contributions.
Occupation and industry specific requirements – check the ATO fact sheets for your industry.
Working from home – new rules apply this year that make claiming expenses for working from home easier. Check the ATO information for details.
Other Information (if applicable)
- Spouse/Partner's Taxable Income
Private health insurance
New Bank account details
You can check if your Health Fund has reported information to the ATO with the following link Private health funds.
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 link will ensure your personal 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.
