Before you can lodge your 2019-20 tax return, your employer must have marked your information as ‘tax ready’.

Income statements are now categorised into tax ready, not tax ready and year-to-date.

The reason for this is the Single Touch Payroll (STP) reporting system, which employers had to comply with last year, means that your payroll data and super information is automatically sent to the ATO with each pay run, therefore making the issuing of annual payment summaries redundant. You will be able to see this in real-time by checking your myGov account.

Employers with 20 or more employees will have until 14 July 2020 to make a finalisation declaration, while employers with 19 or fewer employees will have until 31 July 2020. The ATO will send a message to your myGov Inbox when your income statement has been finalised.

If you lodge your tax return before your income statement is tax ready, you may need to lodge an amendment. In some cases, additional tax and interest may be payable. Waiting a few more weeks, until those records are finalised can save time and the worry of an extra bill. The ATO can also hold your return for up to 28 days.

When your income statement is tax ready, we also need to you prepare all your financial documents and figures including; your PAYG payment summaries, bank interest, private health insurance and deductions. These are the main items we require, however the full check list is available from Chloe, so please email her at: admin@taxproaustralia.co.au to request a copy.

If you have any questions about your tax return, please do not hesitate to contact the Taxpro team to explain the changes. Please call us on 08 9240 7629 to book an appointment.