Do you know how to confirm your salary for the last tax year? This can be important if you need to provide documentation to someone else, such as a bank if you want to arrange home loan finance.
These days most employers deliver payroll information to the Australian Taxation Office under the Single Touch Payroll (STP) regime.
This means that a Payment Summary (also known as a Group Certificate) is no longer available if you need to confirm your salaried income to a third party – for example if you are arranging a home loan.
So what do you do if you need to confirm your salaried income for the last financial year?
- A tax agent is able to access the income statement or payment summary information through their tax software, or through the ATO’s Online services for Agents.
- If your employer is reporting through STP you will be able to obtain your income statement through ATO online services via myGov.
Employers are required to finalise payrolls under STP before the end of July.
If your income statement is not marked as ‘Tax Ready’ in ATO online services by 31 July you will need to speak to your employer to find out when they will finalise your statement.