The new digital tax and super reporting system makes it no longer compulsory for employers to provide annual payment summaries in paper form in early July.
The ATO’s new Single Touch Payroll system, which enables real-time payday reporting, started for large companies last year.
It now extends to all employers from July 1 2019, meaning this is the last year you will receive a compulsory payment summary. The ATO expects most employers will be on this system by 30 June 2020.
With the Single Touch Payroll system, the ATO has immediate access to your payment details, without the need for your employer to submit them.
The big advantage is that you don’t have to go to multiple employers to get payment summaries from each. You can login to your MyGov account to access all your payment records.
The ATO says that if you don’t have online access you would still be able to get a copy of your payment summary through the them.
The phasing out of payment summaries means employees would no longer have to wait for the payment summary to come though to do their tax.
If you are uncertain about this change, then please contact us for advice.