Tidy your tax return in just a few steps

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.

Take a look at the video below for a walk through of the process.

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.