Basic guide to prepare for Tax Time
First published on June 25, 2019
There can be so much happening at tax time that it can be hard to know exactly where to start with your tax return. To set yourself up for success here are some basic guidelines you could follow to make things easier at tax time:
1. Get your paperwork together
Either you or your tax agent will need a bunch of information to fill in your tax return. As a starting point, get together your payment summaries, private health insurance policy statement and bank and investment interest. Depending on your circumstances, you’ll also need to include information on any other streams of income like super pensions and foreign income, so have this handy too. Get the jump on next year’s prep and check out the ATO’s app myDeductions, which makes it easier to keep all your tax records together.
A change this year: From July 1 2019, health insurers are no longer required to send you this statement, so you may need to request a statement from your health issuer.
2. Check your details
It seems simple, but it’s important to check that the amounts on your group certificate, including salary and superannuation contributions made by your employer, match up! And don’t forget to ensure that all your superannuation contributions have been received by your super fund.
3. Your income details
Your employer may provide the ATO with your income details, but there are some other details you may need to add manually. Make sure to include all your different income streams, like your employment income (main job), side hustles like freelancing, super pensions, as well as interest paid from us, your bank.
A change this year: The way you get your payment summary information is changing this year. Your income statement will become available to you in myGov.
4. MyState Bank interest earned
You can find your MyState Bank interest earned details either on your most recent eStatement, which is available through your app, mobile and internet banking or on your printed statement when issued. This should be included as income in your tax return.
5. Lodging a tax return
Depending on the complexity of a tax return you may either want to lodge it yourself through the ATO or use a registered tax agent.
You can lodge your tax return yourself, in MyTax, which is accessible through your myGov account. If you’d like to use a professional to do your tax return, make sure you use a registered tax agent. Keep in mind that you’ll still need to organise all of your required tax records to take to the tax agent.
6. Get ahead
Even though you don’t need to lodge your tax return immediately, it’s a great idea to do it as soon as you can, so you have a clear picture of your financial position.
Try putting any money from a tax refund into in a special account, or if you end up with a tax debt, start a separate account and transfer a set amount in weekly, which you can draw on if necessary next tax time!
To find out more about specific tax requirements visit https://www.ato.gov.au/
Any advice within this email does not take into account your personal objectives, financial situation or needs and you should consider whether it is appropriate for you. These guidelines are not indicative of all tax requirements and it is recommended that you seek independent tax advice. Please read our disclosure documentation before acquiring any product. MyState Bank Limited (MyState Bank) ABN 89 067 729 195 AFSL 240896 Australian Credit Licence Number 240896. A wholly owned subsidiary of MyState Limited ABN 26 133 623 962. Please do not reply to this email. If you have any questions please visit https://mystate.com.au/about-us/contact-us