If an employer begins reporting through Single Touch Payroll and their employees are linked to ATO online services through myGov, the Tax Office will send them a myGov inbox message to inform them that their employer will not be required to give them an end-of-year payment summary.
Instead, it will now be called an income statement, and can be accessed in ATO online services through myGov or their tax agent.
While employees are not required to have a myGov account, they will not be able to see their tax and super information online without one.
The ATO will also let employees know they should wait until their employer has marked their information as “tax ready” before lodging their tax return.
Employers will have until 31 July 2019 to finalise their Single Touch Payroll data for those reporting in the 2018–19 financial year, with that date to change to 14 July each year subsequently.
Should employees choose to use information from an unfinalised income statement to lodge their tax return, they will need to acknowledge that their employer may finalise their income statement with different amount and that they may need to amend the tax return and that additional tax may be payable.