Blog Layout

How to be tax ready this year
Liz Gibbs • June 27, 2019

How to be tax ready this year

The Australian Taxation Office is advising taxpayers that improvements to reporting requirements mean that some people may not receive a payment summary directly from their employer this financial year. This information, now referred to as an income statement, will continue to be pre-filled into people's income tax return or provided to their registered agent.

Assistant Commissioner Karen Foat said this is because many employers are now reporting wages, tax and super information to the ATO each payday.

"Around nine million Australians will be able to see their year-to-date salary and wages, PAYG withholding tax, and any employer super contributions in near real time," Ms Foat said.

"If you use a tax agent to lodge your return, you don't need to do anything. We provide your agent with this information and they can lodge your return as usual.

"Most employers have until 31 July 2019 to finalise their employees' income statements so, we strongly encourage taxpayers to wait a few weeks before lodging their tax return."

This also provides longer for other information such as from banks, health funds and government agencies to be pre-filled in your return as well, making the whole process easier.

"If you lodge your tax return before your income statement is tax ready, your employer might make changes, and you may need to lodge an amendment. In some cases, additional tax and interest may be payable," Ms Foat said.

Taxpayers who have linked their myGov accounts to ATO online services will receive a message when their income statement is tax ready, for agents this information will be available in pre-fill reports.

"We know from previous years that the early birds who lodge in the first weeks of July are far more likely to make mistakes or submit incomplete data. That's why we suggest waiting and letting the ATO do most of the work pre-filling your tax return," Ms Foat said.

The ATO is also warning taxpayers with multiple jobs to take extra care. Those with more than one job should wait until all their employers have reported to the ATO or provided a payment summary.

Private health insurance statement

Taxpayers with private health insurance should be aware that insurance providers are no longer required to provide statements to their members.

Previously, your health insurer was required to send a private health insurance statement to each adult covered by the policy by 15 July each year. It is now optional for them to send you this information.

If you lodge your tax return using a registered tax agent, your health insurance details should be pre-filled. If your health insurance details are not pre-filled or you lodge a paper tax return, you will need to contact your health insurer in order to get a private health insurance statement.

Call us at Robert Goodman Accountants on 07 3289 1700 or email us at  reception@rgoodman.com.au .  Source: ATO 28 June 2019.  Brought to you by Robert Goodman Accountants.    

 

Office open
By Liz Gibbs March 10, 2025
With thanks to all Energex and Emergency services Crew, our electricity has been reconnected and our office is open from today 11 March. We hope you and your loved ones are safe and well following cyclone Alfred. These past few days have been challenging for many, and our thoughts are with everyone affected.
By Liz Gibbs March 10, 2025
Due to a power outage affecting the entire Samford area, the RGA Practice will be operating remotely today, 10 March, until electricity is restored. Please be assured that our team remains available and can be reached at 07 3289 1700. We appreciate your understanding and support during this time. Stay safe, and we look forward to seeing you soon.
Cyclone Alfred
By Liz Gibbs March 5, 2025
As Tropical Cyclone Alfred approaches, we want to remind everyone to take necessary precautions and ensure their safety. We have received some important information that we believe is crucial to share with you to help you prepare for the severe weather conditions ahead.
Work Health and Safety (Sexual Harassment) Amendment Regulation 2024
By Liz Gibbs February 26, 2025
In a significant move to combat workplace sexual harassment, Amendments to the Work Health and Safety Regulation 2011 (as per the Work Health and Safety (Sexual Harassment) Amendment Regulation 2024) will soon commence on 1 March 2025.
By Liz Gibbs February 25, 2025
The amount of money that can be transferred to a tax-free retirement account will increase to $2m on 1 July 2025.
What happens to your super when you die?
By Liz Gibbs February 25, 2025
The Government has announced its intention to introduce mandatory standards for large superannuation funds to, amongst other things, deliver timely and compassionate handling of death benefits. Do we have a problem with paying out super when a member dies?
By Liz Gibbs February 25, 2025
If credit card surcharges are banned in other countries, why not Australia? We look at the surcharge debate and the payment system complexity that has brought us to this point. In the United Kingdom, consumer credit and debit card surcharges have been banned since 2018. In Europe, all except American Express and Diners Club consumer surcharges are banned. And in Australia, there is a push to follow suit. But, is the issue as simple as it seems?
Babyboomer wealth
By Liz Gibbs February 25, 2025
“Succession planning, and the tax risks associated with it, is our number one focus in 2025. In recent years we’ve observed an increase in reorganisations that appear to be connected to succession planning.” ATO Private Wealth Deputy Commissioner Louise Clarke.
Penalty for False R&D claims
By Liz Gibbs February 25, 2025
A joint investigation involving the ATO found that, between 2014 and 2017, a Sydney business coach promoted unlawful tax schemes encouraging clients to lodge over-inflated, inaccurate or unsubstantiated research and development ('R&D') tax incentive claims
SMSF lodgement due dates
By Liz Gibbs February 25, 2025
All trustees of SMSFs with assets (including super contributions or any other investments) as at 30 June 2024 need to lodge an SMSF annual return ('SAR') for the 2023/24 financial year.
More Posts
Share by: