Tax Time

5 Simple steps to tackle tax time

Dust off that receipt pile and open your best spreadsheet cause it’s time to make the most of your tax!

We know ‘tax time’ can be a bit daunting, so we’ve broken it down to five simple steps to help get it done as quickly (and painless) as possible.

June 30? Check. Calculator? Check. OK let’s go!

Step 1: Get your bank statements

Paper statements will be in your mail box before the end of July.

Interim statements can be viewed in the ING App now; choose the relevant account, tap ‘MANAGE’ and select ‘Statements’. For desktop, just click ‘Statements’ on the menu, then ‘View statements’.

If you need to access your online statement before the end of July, just select ‘Interim statement’ from the options in the Statements section; this will give you your most recent statement.

To make physical copies of your statements (like if your accountant needs them), just download and print.

Remember, we only have copies of your ING statements, so if you hold accounts with other banks, you may need to get your statements from them as well.

Still a little lost? Check out our how-to-guide on how to find your statements.

Step 2: Find out how much interest you’ve earned

Now you’ve got your statements, let’s throw your earned interest into the mix. You can view your financial year interest summaries through Online Banking; select Statements, Interest Overview and select the relevant end of financial year.

If you want to see how much interest you’ve earned in previous years, you can download summaries by selecting different years from the drop down menu.

Step 3: Deduction time!

It’s no secret that deductions can assist you in maximising your return. When figuring out what you can and can’t deduct, the general rule of thumb is that you can generally claim the expenses relating to earning your assessable income.

If you want help figuring out what applies to you, the ATO website has helpful guides and any extra info you might need. Spoiler alert – your fancy new designer handbag might not make the cut, but the stylish new briefcase that you require for your work papers and laptop might.

Step 4: Lodge your return

Woo-hoo you’re almost done! There’s a few options to submit your tax return, and depending on your situation some may be more suitable than others.

• Online: The quickest way to lodge your return is through the ATO’s MyTax portal. To access the portal, you’ll need to login to your MyGov account and link it to the ATO. Most of your details should be pre-filled including your ING interest income(but you will need to double check it is correct), and your tax return is usually processed within 14 days.
• Paper: Prefer the more traditional methods? You can lodge your tax by mail. But they don’t call it snail mail for nothing, using this method means it could take 50 business days to process your return rather than 14 days if you lodge online.

But remember, if you’re lodging your tax return yourself rather than a registered tax agent, the deadline is 31 October.

• Tax agent: If your tax is a little more complex or you’d just prefer to outsource the preparation of your return, you can seek the skills of a tax professional. Search for an officially registered tax professional here, and an extra bonus, their costs are also tax deductible.

Step 5: Get that money honey

If you’re fortunate enough to score a refund on your tax return, you should see the money in your nominated bank account after your return has been processed – this usually takes 14 days but can take longer in some circumstances. To help you track your return, you can download the ATO app to follow the progress of your return as well as view relevant tax and super information.

While you’re in the tax zone, why not set yourself up now for ongoing financial success? Here’s a few tips to help you get started:

• The ATO app gives you year-round control of your super and tax affairs in one place. It includes calculators and tools that help you keep track of your expenses, income and vehicle usage.
• Stop the spend leakage and go cashless. Use your card, contactless or mobile payments next year and you will have all of your transactions in one place. It’s a great way to get a full understanding of your spending habits.
• Get serious about super and your future. Take up some of our superannuation tips and tricks to help boost your super balance today.