A Guide: How to Access Your Income Statement

It's essential to access your income statement during tax time, as it provides important details about your financial situation. This includes your year-to-date salary, wages, taxes withheld, and contributions to your superannuation fund.

Under the Single Touch Payroll (STP) system, employers report their employees’ salaries, wages, pay-as-you-go (PAYG) withholding, and superannuation information directly to the Australian Taxation Office (ATO) using an STP-enabled payroll solution. This system aims to simplify reporting processes and ensure accuracy.

With the implementation of STP, most employers no longer provide payment summaries (group certificates) to their employees. Instead, employees can access their income statements directly through ATO online services.

Here's a comprehensive guide to help access your income statement.

Via MyGov

The Australian Taxation Office (ATO) has streamlined the process of accessing your income statement through myGov

1. Create or Log in to Your myGov Account.  If you haven't already, create a myGov account and link it to the ATO. Visit myGov and follow the prompts to set up your account.

2. Once logged in to myGov, select the ATO from the list of linked services. You can find various tax-related information and services here, including your income statement.

3. Click “Employment” at the top of the screen, then select “Income Statement.” Here, you’ll find your year-to-date information, including Salary and Wages, Tax Withheld and Super Contributions

Via the ATO App

You must have the ATO app installed on your device.

1. Open the ATO app and log in to ATO online services. If you haven't linked your myGov account to the ATO, you'll need to do so to proceed.

2. Once logged in, select the 'Employment' tab. Here, you'll find various employment-related information and services.

3. In the 'Employment' section, select the relevant income year to view your income statement for that period.

Things to Keep in Mind

Check the 'Tax Ready' Status

Your employer will mark your income statement as “Tax ready” once they finalise their data (usually by 14 July). Wait until this status appears before preparing and lodging your tax return. Using information that isn’t marked as “Tax ready” could lead to discrepancies.

Contact Your Employer if Necessary

If you notice any discrepancies or your income statement isn't 'Tax ready' by July 31st, contact your employer. They are responsible for providing accurate and timely information for your tax obligations.

Multiple Employers

If you have more than one employer or have worked for more than one employer during the financial year, you might receive both an income statement and a payment summary. Ensure that all income details are included in your tax return.

Use the Information for Your Tax Return

Once your income statement is 'Tax ready,' you can use the information to prepare and lodge your tax return. If you lodge online, the details should pre-fill, making the process more straightforward.

Takeaways

Accessing your income statement is crucial for managing your finances and fulfilling your tax obligations as an Australian employee.

With the implementation of Single Touch Payroll (STP), the process has become more streamlined, and you can easily access your income statement through myGov or the ATO app.

Remember to wait for your employer to mark your income statement as "Tax ready" before using it to prepare and lodge your tax return. If you encounter any discrepancies or issues, don't hesitate to reach out to your employer for assistance.