Payment Summaries And STP This Tax Time – Taxpayers May Need A MyGov Account

Whilst it is being reported that many businesses are not ready for Single Touch Payroll (STP), (one report suggests that 70% of small and medium-sized entities (SMEs) are not ready), the employees of businesses that are operating STP face some changes.

As a result of the introduction of STP, taxpayers may need a myGov account in order to get the payment summary details they need to complete their 2019 tax returns.

Employers need to let employees know if they won’t be giving them a payment summary this year.

TIP: This major change for 2019 will see many taxpayers needing to set up a myGov account and link it to the ATO. This is not necessarily a straightforward process. If taxpayers have a myGov account already linked to other services such as Centrelink or Medicare, adding the ATO can be problematic. For example, the name on each account must match exactly – the ATO is likely to have a taxpayer’s full name whereas a Centrelink account may only have first and last name. This may prevent the ATO from being added to a taxpayer’s myGov account. The situation can be rectified but may require a trip to a Centrelink office.

The information in this blog is intended only to provide a general overview and has not been prepared with a view to any particular situation or set of circumstances. It is not intended to be comprehensive nor does it constitute advice. While we attempt to ensure the information is current and accurate we do not guarantee its currency and accuracy. You should seek professional advice before acting or relying on any of the information in this blog as it may not be appropriate for your individual circumstances.

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