Ah, tax time. There’s nothing quite like it. With all the receipts, statements and payment summaries you need to sift through, it’s understandable to feel a little overwhelmed. But when you take a moment to gather yourself, you find there’s a lot of great easy ways to simplify the process.
This quick guide can help get you started on pulling together your tax return with no dramas. Let’s go!
Step 1: Get your statements together
First thing’s first: you’ll need to get your bank statements. You can get statements for your ING accounts via online banking – just select “Statements” from the menu and then “View Statements.” Statements up to the end of the financial year will be available from 9-20 July. If you need physical copies of your statement (for example, your accountant might need them), you can download and print them. Keep in mind if you have accounts with other banks then you’ll need to get statements from them as well.
If you need to access your statement before 9 July, select “Interim statement” from the drop down menu, which gives you your most recent statement.
Check out how to get your statements below.
Step 2: Find out how much interest you’ve earned
Now it’s time to throw your interest info in the mix. With ING online banking, you can also see how much interest you’ve earned over the past financial year on your ING accounts. Just click on “Statements” and then “Interest Overview” in the menu.
For interest amounts you received in previous years, you can also download summaries by selecting the year from the drop down menu.
Step 3: Decide what you can deduct
One of the keys to getting the best return is declaring all your deductibles from the past financial year. Generally, you can claim deductions for any expense that is directly related to earning your income. Take a look at the ATO’s site for a full guide of what you can claim as a deductible and any receipts you may need to provide.
Step 4: Lodge your return
There’s a few options when it comes to submitting your tax return, and depending on your situation some are more suitable than others.
- Online: The quickest way is to lodge your return is through myTax. You will need to create a myGov account and link it to the ATO before you can lodge your return. Most of the details you need will be pre-filled in which is a great time saver, and your tax return is typically processed within 2 weeks!
- Paper: For those that prefer pen and paper, you can lodge your tax by mail. It’s worth noting that processing can take up to 50 business days, rather than 2 weeks if lodged online.
- Tax accountant: If you have more complex tax requirements or prefer to outsource the preparation of your tax return, you can leverage the skills and know-how of a tax professional – it’s also tax deductible. Just check they are officially registered tax professionals
Remember, the deadline to lodge your tax return is 31 October, but it’s never too early to make a start.
Step 5: Receive your return
Most electronic tax returns take about two weeks to process, but some require manual processing and can take up to a month. The ATO has tools you can use to track your return online:
- The ATO app tracks your tax return, and has relevant tax and super information.
- You can enter your Tax File Number here and see the progress of your return.
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.
Get a head start on next year There’s no time like the present to set yourself up for ongoing financial success into 2019. Here are a couple of quick tips to get you 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 contactless or mobile payments next year and you will have all of your transactions in one place.
- A great way to get a full understanding of your spending habits.
- Get serious about super and your future. Take up some of our New Year’s resolutions to boost your super.
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. Living Super, a sub-plan of OneSuper ABN 43 905 581 638 is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635. The insurance cover offered by 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.