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In this episode of the nestegg podcast, David Stratford has a chat with Aberdeen Standard Investments’ head of retirement and product strategy for Australia, Jason Nyilas, to discuss all things retirement.

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Investors will learn the importance of financial advice in retirement, as the default pension options available don’t always match up with personal expectations.

Jason also weighs in on whether the impending retirement income covenant goes far enough in supporting individual member needs.

Thanks, Jason, for sharing your insights with the nestegg podcast team!

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Tuesday, 22 October 2019

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Waiting on your payment summary? Big changes are coming on 1 July

By Cameron Micallef · June 28 2019

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Waiting on your payment summary? Big changes are coming on 1 July

By Cameron Micallef · June 28 2019

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Before the end of the financial year, the Australian Taxation Office has advised that not everyone will receive a payment summary directly from their employer this financial year.

Due to improvements to reporting requirements through a program known as Single Touch Payroll, which is mandatory for most businesses in Australia from 1 July, this information will appear pre-filled into people’s income tax return.

Assistant commissioner Karen Foat said this change is due to employers reporting wages, tax and super information into the ATO each payday.

“Around 9 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,” said Ms Float.

“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," she said.

Most employers have until 31 July 2019 to finalise their employees’ income statements, so the ATO encourages taxpayers to hold off on lodging their tax returns.

Taxpayers who have linked their myGov account to the ATO online services will receive a message when their income statement is ready.

“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,” said Ms Foat.

The ATO is also advising taxpayers with multiple jobs to be careful this end of financial year. It is advised by the ATO that those with multiple employers should wait until all their employers have provided payment summaries to the ATO.

Private health insurance statement

The ATO has also advised that taxpayers with private health insurance should be aware that they are no longer required to provide statements to their members.

If taxpayers lodge a tax return online using myTax or lodge through a registered tax agent, health insurance details should be pre-filled.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.