Payment Summaries are now Income Statements and are available on myGov with Single Touch Payroll.
Once you start reporting to the ATO using Single Touch Payroll (STP), employees can see their Year-To-Date tax and super information online. The YTD information is readily available in myGov all year round.
If employees use a tax agent, their agent will also have access to this information.
The YTD information employees see throughout the Financial Year may not always align with the data in an employer's payroll software – for example, when the reported information needs correcting in the next pay event.
It is not mandatory for employees to have a myGov account; however, to access the information online throughout the year, one is required.
It's easy to create a myGov account, with online help available. Once it's set up, employees can link their myGov account to a range of government services, including the ATO.
The ATO will send a notification to the Employees myGov inbox when all of their Income Statements are 'Tax ready'. Employers are required to submit their final event for the Financial Year to the ATO using Single Touch Payroll. If you have set up STP in last financial year (FYE 2019) in e-PayDay®, follow our STP End Of Financial Year Survival Guide here.
The ATO has also produced a handy Factsheet (PDF) that you can give your Employees available here.