It's tax time

Find the answers to three common end of financial year questions: When will my Income Statement be ready? What work-related expenses can I claim? Where can I find help to manage my finances better?

When will my 2021/2022 Income Statement be ready?

In the coming weeks, once the final transfer of all payroll information for the financial year has been received by the Australian Taxation Office (ATO), the status of your 2021/2022 Income Statement (formerly known as a Payment Summary) will be made ‘tax ready’ via your online MyGov account.

ACU have until 14 July to finalise your payroll and Income Statement details for 2021/2022 with the ATO. It is important that you do not use the Income Statement details to complete your tax return until this information is finalised and identified online as ‘tax ready’.

You will receive further communication once this has occurred so keep an eye on the Human Resources Updates Workplace group for updates. Remember, if you have more than one employer, you must wait until all of your Income Statements are ‘tax ready’ before you can complete your tax return.

Read more on Income Statements

What work-related expenses can I claim on my tax return?

When making work-related expense claims on your tax return, remember the golden rules:

• you must have spent the money yourself and not have been reimbursed
• the expense must be directly related to earning your income
• you must have a record to prove it.

For those staff working from home and considering claiming home office expenses this year, you can choose one of three ways to calculate your additional running expenses for 2021/2022 (electricity, phone, internet), including the shortcut method which is applicable for calculations up until 30 June 2022.

The ATO website provides useful information on claiming work-related deductions to reduce the income tax that you have to pay, including occupation specific guides for office workers and teachers which may be relevant to your personal circumstances.

Where can I find help to manage my finances better?

If you’re looking for help with your finances, start the new financial year on a positive note by visiting the UniSuper website to check out the wide range of resources available to help you take control of your finances.

Helpful resources

The following resources are just some of the helpful tools available to assist you:

• The simple budget planner allows you to build a clear overview of your income and expenses.
• The UniSuper webcast library provides a variety of webinars about managing your finances during key life events.
• Book an appointment with a superannuation consultant for general advice about your super.