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Tax Return information – changes affecting all staff

Tax Return information – changes affecting all staff

The way you access your income details to support the Tax Return for 2018-19 has changed.

The Australian Tax Office has introduced Single Touch Payroll (“STP”) which means that all staff need to access their annual income details via the ATO. As a result Baptist Care SA can no longer issue Payment Summaries.

 

How to access your income statement:

Follow these instructions once your myGov account is set up and linked to ATO online services:

  1. Log in to myGov using your email address or mobile phone number
  2. Select ATO online services
  3. Click on My profile at the top of the screen
  4. Select my employment and then Income statement.

On the screen you will see the income you have earned from your employer or employers for the financial year, and the tax that has been withheld.

Employees without access to myGov will be able to contact the ATO for a copy of their income statement.

The link below offers more information to interested staff:

https://www.ato.gov.au/business/single-touch-payroll/single-touch-payroll-for-employees/accessing-your-income-statement-or-payment-summary-online/

 

Staff with Salary Sacrifice Packaging – Important information for your reference

The ATO will provide your Income Statement. Please note that the ATO requires all employers to report the ‘grossed up’ value of the Fringe Benefit amount on the Income Statements.

Therefore, be advised that the reported Fringe Benefit total appearing on your Income Statement will not equal the value you have packaged during the financial year as seen on your fortnightly payslips. This value is the cash amount you are able to package as advised to us by CBB on your behalf as our Salary Packaging Provider.

Below is an extract from the ATO for your reference:

“Grossed-up taxable value” is defined as the grossed-up taxable value of a benefit you receive is the gross salary that you would have to earn to purchase the benefit from your after tax income.

This amount is reported to ensure the value of the benefits is consistent with other forms of income on your payment summary.

Even though this amount is included on your income statement, you do not:

  • include it in your total income or loss amount
  • Pay income tax or Medicare levy on it.

However, it is included in a number of income tests for some government benefits and obligations.

Should you wish to discuss this matter further, please contact the ATO, alternatively refer your enquiry to your relevant tax professional.

 

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