Understanding Your PAYG Summary

The PAYG (Pay As You Go) summary outlines your income and tax withheld by your employer. This information is reported to the ATO and plays a crucial role in calculating your tax liability.

Key Components of the PAYG Summary

• Income Details: The gross income you earned from your employer during the financial year.
• Tax Withheld: The total amount of tax your employer withheld from your salary and paid to the ATO.
• Allowances and Benefits: Includes any allowances, bonuses, or fringe benefits provided by your employer.
• Superannuation Contributions: May include contributions made to your super fund on your behalf.

Employers now report this information electronically to the ATO via Single Touch Payroll (STP). You can access your PAYG summary through your myGov account linked to the ATO.

Tips for Reviewing Your PAYG Summary

It’s essential to verify that the information on your PAYG summary matches your records, such as payslips or bank statements. If discrepancies arise, contact your employer to resolve them before lodging your tax return.

FAQs

What should I do if my PAYG summary is incorrect?

Contact your employer immediately to correct any errors. Do not lodge your tax return until the correct information is available.

Where can I find my PAYG summary?

Your PAYG summary is available through your myGov account linked to the ATO. Your employer should also provide this information if required.