A big change that is being rolled out as of July 1st for all employers (those of you who a larger businesses would already be used to this, as it was implemented for you earlier).
This is the new way of reporting tax and super information to the ATO.
This means that your employees can now access their up-to-date year-to-date tax and super information through myGov. This is also where they can access their payment summaries, which you as the employer no longer have to supply to them. These are referred to as ‘income statements’ in myGov. Through this site it will also tell them when their income statement is ‘Tax Ready’, which they can then use to complete their tax return.
When you process the pay run you will notice that there is now a ‘File’ option, which will ask you to read and accept the Authorisation to file, and you can then submit it to the ATO.
The ATO are now going to be able to keep track of employee income and super payments throughout the year, not just at the end of the quarter or year.
The pay run cannot be undone once it has been filed with the ATO, and any errors have to be amended using an additional pay run.
For all the detail on it, you can check out the ATO’s words here.
YOU CAN FIND SOME OTHER MAJOR TAX CHANGES FOR THE 2019/2020 FINANCIAL YEAR HERE!