Are you among many taxpayers who are worried because they did not get a PAYG summary? Today is your lucky day as we want to clear this up. You can rest easy as it is not necessary to have a PAYG to do your tax return. In this article, we will discuss all that you need to know about PAYG. If you are ready, let’s dive into the details right away:
Is a PAYG Summary Necessary for My Tax Returns?
When you are using a tax agent to do your tax returns, you will not need a PAYG summary. In most cases, your tax return will be lodged through MyGov, and as such, all your PAYG details will be included automatically. This gives you an assurance that your tax return will be accurate at all times. The details on MyGov are generated from the ATO and your tax refund calculation will be included. This is one of the easiest ways to lodge your tax returns and our experts are always ready to help you out.
Where Can I Get My PAYG Summary?
Do you have a MyGov account? Once you log in, you will get all the PAYG summary details right there. However, this will be phased out, but as long as you need them you can get them in your account. It is important to re-emphasize that PAYG is no longer needed when you are doing your tax returns. The government is committed to making tax returns as easy as possible and this is a step in the right direction.
Understanding PAYG Summary
Tax returns are dreaded by most people and sadly there are people who do not even understand some of the terms used. The PAYG summary has been one of the biggest headaches for most residents. This is known as the Pay as You GO summary and can also be referred to as an Income statement, Group certificate, or PAYG statement. In the past, the PAYG was needed for your tax returns and to get your tax refund. However, this no longer necessary as you can get about your payment from your pay slip. With the MyGov system, you will be able to access your PAYG statement from your account.
The Australian Tax Office intends all tax payers to find their PAYG online, which is one of the ways to encourage registration of the MyGOV account. Sadly, the downside to this is that when you lodge your tax return through MyGov, you may end up with a lower tax refund. A tax agent will always check your return and help you find all possible deductions and increase your tax refund.
The government instructed employers to stop providing employees with PAYG summaries. As a taxpayer, the only way that you can find this information is from the government. However, when working with a reputable tax agent, you can access such information. If you are looking for an actual copy of your PAYG summary, we can help you. If you are using the government website, it is advisable to keep tabs on all errors that you notice.
Get Help with Your PAYG Summary
Accurate Business & Accounting Services has the best team of tax agents who are always ready to help you. Our intention is to make tax returns easy for you and ensure that you are paying the right amount. Contact us and get more information about your PAYG summary and your tax returns.