what does not tax ready mean ?

Introduction

An income statement that is not marked as “tax ready” means that your employer has not yet finalized their data for the financial year. This can happen for a number of reasons, such as if your employer is still processing your most recent payslip or if they are waiting for information from another source, such as a super fund.

Why is it important to wait for my income statement to be “tax ready”?

If you use information from an income statement that is not yet “tax ready” to lodge your tax return, you may have to amend your return later on if your employer changes the amounts. This can be a time-consuming and costly process, so it is best to wait until your income statement is finalized before you lodge your return.

How do I know if my income statement is “tax ready”?

You can check the status of your income statement in your ATO online services via myGov. If your income statement is “tax ready”, you will see a green tick next to the statement. If your income statement is not yet “tax ready”, you will see a red box next to the statement with the text “Not tax ready”.

What if my income statement is not “tax ready” by the tax return deadline?

If your income statement is not “tax ready” by the tax return deadline, you can still lodge your return. However, you will need to estimate your income and withholding details. You can do this by using the information that is available to you, such as your payslips and super statements.

What if I need to amend my tax return after my income statement is “tax ready”?

If you need to amend your tax return after your income statement is “tax ready”, you can do so online through your ATO online services. You will need to provide the ATO with the updated information from your income statement.

Conclusion

It is important to wait for your income statement to be “tax ready” before you lodge your tax return. This will help to avoid the need to amend your return later on. If your income statement is not “tax ready” by the tax return deadline, you can still lodge your return, but you will need to estimate your income and withholding details.