Category: Money Matters
Chapter Select
Sub category: Saving
22 June 2022

5 simple steps for 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

Online statements will be available from the 12th of July 2022. Paper statements will be in your mail box before the end of July.

Interim statements can be viewed in the app now; choose the relevant account, tap on the account name and select statements. For mobile, simply log in, choose your account, tap on your account name and select “Statements”. For desktop, just click ‘Statements’ on the menu, then ‘View Statements’.

21-22 financial year statements will be available periodically from 12 July. If you need to access your statement before 12 July, no worries, just select ‘Interim Statement’ from the drop down menu; 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? We’ve made the video below to help you 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 online now; go to 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 declaring deductions is one of the best ways to maximise your return. When figuring out what you can and can’t deduct, the general rule of thumb is that you can claim any expense directly relating to how you earn your income.

If you want help figuring out what applies to you, the ATO site has a full guide and any extra info you might need. Spoiler alert – your fancy new designer handbag might not make the cut, but the stylish new bag that you actually use for your work papers and computer 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 (but you will need to double check it is correct), and your tax return is usually processed within two weeks.
  • 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 may take up to 50 days to process your return rather than two weeks when you lodge online.

But remember, if you’re lodging your tax return yourself the deadline is 31 October.

  • Tax accountant: 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 deductable.

 

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 two weeks but can take longer in some circumstances. To help you track your return, the ATO has created two simple tools:

  • The ATO app tracks your tax return, and also has relevant tax and super information if you have any questions.
  • Or enter your Tax File Number here to follow the progress of your return.

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.

This information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. This information does not, and is not intended to, constitute tax advice.

 

 

The information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. ING Living Super (which is part of the ING Superannuation Fund ABN 13 355 603 448) is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635.

You should consider the relevant Product Disclosure Statement and Financial Services Guide at ing.com.au when deciding whether to acquire, or to continue to hold, a product. Before interacting with us via our social media platforms, please take a minute to familiarise yourself with our Social Media User Terms https://www.ing.com.au/pdf/Social_Media_User_Terms.pdf

The information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Deposit products, savings products, credit card and home loan products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823. ING Living Super (which is part of the ING Superannuation Fund ABN 13 355 603 448) is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635. The insurance cover offered by ING Living Super is provided by Metlife Insurance Limited ABN 75 004 274 882, AFSL 238096. ING Insurance is issued by Auto & General Insurance Company Limited (AGIC) ABN 42 111 586 353 AFSL Licence No 285571 as insurer. It is distributed by Auto & General Services Pty Ltd (AGS) ABN 61 003 617 909 AFSL 241411 and by ING as an Authorised Representative AR 1247634 of AGS. All applications for credit are subject to ING’s credit approval criteria, and fees and charges apply. You should consider the relevant Product Disclosure Statement, Terms and Conditions, Fees and Limits Schedule, Financial Services Guide, Key Facts Sheet and Credit Guide available at ing.com.au when deciding whether to acquire, or to continue to hold, a product. Before interacting with us via our social media platforms, please take a minute to familiarise yourself with our Social Media User Terms https://www.ing.com.au/pdf/Social_Media_User_Terms.pdf.

 

Information and interest rates are current as at the date of publication and are subject to change.

 

The additional variable rate (that is added to the Savings Maximiser standard variable rate) applies on one nominated Savings Maximiser per customer for the next calendar month when you also hold an Orange Everyday account and in the current calendar month you do the following:

  • deposit at least $1,000 from an external source to any personal ING account in your name (excluding Living Super, Personal Loans and Orange One),
  • also make at least 5 card purchases that are settled (and not at a ‘pending status’) using your ING debit or credit card (excluding ATM withdrawals, balance enquiries, cash advances and EFTPOS cash out only transactions), and
  • ensure that the balance of your nominated Savings Maximiser account at the end of the current month is higher than it was at the end of the previous month. When we assess whether you’ve met this balance growth requirement, interest earned in the current month is not taken into account.

 

Each customer can nominate a maximum of one Savings Maximiser account (either single or joint) to receive the additional variable rate (where eligible). You can check and change your nominated Savings Maximiser account via online banking or the ING mobile app. If no nomination is made, the additional variable rate (where eligible) will be applied to an account nominated by ING at its sole discretion.

 

Any amounts above $100,000 are subject to the Savings Maximiser standard variable rate applicable at the time. If you do not satisfy the conditions to receive the additional variable rate, the standard variable rate applies. ING can change or withdraw the additional variable rate at any time. The additional variable rate is not payable in conjunction with any other promotional rate.

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