Are you among the many taxpayers who are concerned about notgetting a PAYG statement? Today is your lucky day because we want to clear thisup. Rest assured, as there is no need to have a PAYG to file your tax return.In this article, we'll cover everything you need to know about PAYG. Whenyou're ready, let's dive right into the details:
Is a PAYG statement necessary for my tax returns?
If you are using a tax advisor to file your tax return, youdo not need a PAYG statement. In most cases, your tax return will be filedthrough MyGov and as such, all of your PAYG details will be automaticallyincluded. This gives you the assurance that your tax return will be accurate atall times. The details on MyGov are generated from the ATO and the calculationof your tax refund is included. This is one of the easiest ways to file yourtax return and our experts are always ready to help.
Where can I get my PAYG statement?
Do you have a MyGov account? Once you sign up, you will getall the PAYG summary details there. However, these are being phased out, but aslong as you need them you can get them in your account. It is important tore-emphasize that PAYG is no longer required when you file your tax return. Thegovernment is committed to making tax returns as easy as possible and this is astep in the right direction.
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Understanding PAYG Summary
Most people fear tax returns and unfortunately there arethose who don't even understand some of the terms used. The PAYG summary hasbeen one of the biggest headaches for most residents. This is known as the Payas You GO statement and can also be referred to as a profit and loss statement,a group certificate or a PAYG statement. In the past, the PAYG was needed foryour tax returns and to get your tax refund. However, this is no longernecessary, because you can derive your payment from your pay slip. With theMyGov system, you can access your PAYG statement from your account.
The Australian tax office plans for all taxpayers to findtheir PAYG online, which is one of the ways to encourage MyGOV accountregistration. Unfortunately, the downside to this is that when you file yourtax return through MyGov, you may get a lower tax refund. A tax advisor willalways check your return and help you find any possible deductions and increaseyour tax refund.
The government has ordered employers to stop providing theiremployees with PAYG statements. As a taxpayer, you can only find thisinformation from the government. However, if you work with a reputable taxadvisor, you can access such information. If you are looking for an actual copyof your PAYG summary, we can help. If you are using the government website, itis recommended that you keep an eye out for any errors you notice.
Help with your PAYG statement
Numbers pro hasthe best team of tax advisers who are always ready to assist you. Our aim is tomake tax returns easy for you and to make sure you pay the correct amount.Contact us for more information about your PAYG statement and your tax returns.
