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Help be a tax boss - here's how

13 July 2018

Two Women On Laptop INF18848

Are you one of us? Someone who re-engages with their finances because it’s tax time? If tax time is your time to self-reconcile your finances and set financial goals for the year ahead, only to promptly forget it all, here’s something that may help you stay engaged with your finances (making it easier to save), as well as help you to get your tax done.

Checking in with your banking, regularly, keeps you up to date and it’s simple to do online. This new tax time service, available from Westpac’s website for desktop, provides checklists and calendar reminders.

According to stats, 18 per cent of us miss the tax deadline despite knowing the due date: 31 October 2018, and 58 per cent of us view our interest and tax summary on our desktop account. Again, the stats indicate that more than three quarters of us will receive a refund and the average return is over $2000, making doing your tax all seem a little more worthwhile.

Seven simple steps will get you on your way to being a Tax-Boss. The downloadable calendar reminders send helpful notifications over the next few months to prompt you to complete the steps.

Step 1: Start by updating your Westpac Live Online Banking details.

Check that your personal details are complete and up to date (including your tax-residency status). Any details that don’t match the ATO records can cause processing delays.

Step 2: Download your Westpac Interest & Tax Summary.

You’ll need your Interest and Tax Summary to lodge your tax return and to verify your bank account interest is accurate. Sign in to Westpac Live Online Banking and visit Overview > Interest and Tax Summary; or sign in to the Mobile Banking App and visit Services > Interest and Tax Summary. Learn more (There is a cost to you to have the Interest and Tax Summary printed in branch, which is why we’re encouraging you to download this online for free.)

Step 3: Collect all other summary statements.

You’ll receive summary statements from your employer, health insurer, charities you’ve supported, insurance providers and all other income and payment sources. They are usually emailed or posted to you sometime during July, for the financial year just passed.

Step 4: Consolidate your deductions.

Once signed in to Online Banking, you can search your last 3 years’ worth of transactions, look up merchants to help reconcile any allowable deductions and access past eStatements to find up to 7 years’ history of payments for eligible accounts. Read more about what you might be able to claim here.

Step 5: Submit your Tax Return.

You can do this online via myTax , by mail (on a standard paper-based return ordered from the ATO ), or via a tax agent or accountant registered with the Tax Practitioners Board. Regardless of who lodges it, it should be lodged it by 31 October 2018.

Step 6: Stay in the know.

Download the ATO App to see all your tax information, record deductions on the go, and access tax calculators. Once lodged, you can even track the progress of your tax return. You can also use a tax estimator to get an indication of whether you’ll receive a refund or a bill.

Step 7: Receive your Tax Refund.

If you qualify for a tax refund and you’ve nominated your Westpac account on your tax return, any tax refund will be deposited directly into your account. Simply sign in to view and access it.

This information should be used as a guide only. It does not take into account your personal objectives, financial situation or needs and you should consider its appropriateness before acting on it. We recommend that you seek independent legal and tax advice about your specific circumstances.

Before using Online or Mobile Banking, please read the Westpac Online Banking Terms and Conditions.

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