The end of financial year is a time to take stock of our financial situation and set ourselves up for the year ahead. While there can be a perception that doing your tax is overwhelming and time consuming, we now have tools and resources that make it more streamlined than ever before. Being prepared is key, so if you’re lodging a tax return, here’s a rundown of where to find all the info you need from ING Direct, as well as tips on how to get your refund sooner. Remember, the deadline to lodge your tax return is 31 October, so it’s never too early to make a start.
- All you need from Online Banking
- Lodging a Return
- Tax Return Processing
- What next?
All you need from Online Banking
When it comes to your banking info, our Online Banking platform has got you covered. A self-service resource available 24/7, you can update your details, access your online statements and review your year to date interest all in the one handy spot, no paper trail needed.
View and change personal details
To ensure you receive all the information you need from ING Direct, ensure your personal and address details are up to date. You can access and change your details when you log in at ingdirect.com.au > Settings > Personal > Contact details.
Receive my statements
ING Direct customers will start receiving their statements from July 11th up to the 29th. Depending on the preference selected, you will receive your statement via online or post after being notified by email. You can check your preference and access your online statements from 11th July through online banking.
View and print my statements
You can access your statements through online banking. They will be available to download from 11th of July. To access, log in at ingdirect.com.au > My finances > Statements
Find financial year to date (YTD) interest
To view how much interest you’ve earned, log in at ingdirect.com.au > My finances > Interest overview. You will see it under the ‘interest earned’ column.
To view how much interest you’ve paid on your mortgage, log in at ingdirect.com.au > My finances > Interest overview. You can view it under the ‘Interest paid’ column.
Lodging a Return
There’s a few option when it comes to submitting your tax return, and depending on your situation some are more suitable than others.
For those with basic tax needs, and an affinity for all things digital, the quickest and safest way is to join more than 3 million Australians and submit it online. This method is made even quicker with details now pre-filled by banks (including us), employers and government agencies. This means you just need to review, amend or add to details before you submit.
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 12 business days if lodged online.
Using a tax agent
If you have more complex tax requirements or prefer the outsource model, 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 beforehand.
Tax return processing
If you’re keen to get your hands on your tax refund, the ATO will start full processing of 2016–17 tax returns on 7 July 2017 and will likely start paying refunds from 18 July 2017. The good news if you’re lodging electronically is that the majority of current year tax returns will be processed within 12 business days of receipt. There’s also the ATO app which allows you to track your tax return, as well as access relevant tax and super information.
There’s no time like the present to set you up for ongoing financial success into 2018. 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 such as myDeductions 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 gold plate your future. Whether co-contributing or topping up with your tax refund, there are some clever ways to put your super to work next year.