Here are the key tips to help you make the most of your tax return.
Make sure your personal and bank account details are up to date.
No-one wants a delay getting their return back. One of the first things you should do is make sure all your bank account details are up to date. Because when the ATO processes your return, if there are any discrepancies, it can cause processing dleays.
To check all your banking details are correct, log on to HSBC Online Banking.
Finding your Interest Summary Statements
You will need to download your Interest Summary to lodge your return. Here's how to find your statement online
Step 1 : Login to Online Banking.
Step 2 : Under the My Banking menu, select "Tax statement" from the My Accounts section.
Step 3 : Select "Interest and Tax Statement" from the Statement type drop down.
Step 4 : Choose the year you want the tax statement for.
If a statement exists, it will be shown for you to view or download.
Find your deductions on the ATO app
By downloading the ATO app today, you can check everything you can claim, from charity deductions, personal super contributions, even 80c for every hour you’ve worked from home during COVID-19.
Lodging your tax return
How you submit your tax return is up to you however there are quite a few options available.
Online: If you do it this way, you can expect to receive your return in around 2 weeks. If you have a myGov account, link it to the ATO and lodge your return at myTax.
Mail: You also have the option to lodge via mail. However, if you do it this way, getting it processed can take up to 50 days.
Accountant: If you use one, then they can help pull your tax return together, and work out everything you can claim.
Have you downloaded the new HSBC Australia Mobile Banking App?
It's been created to let you manage all your banking needs on the go, simply and securely. The Mobile App ensures you have banking at your fingertips and the peace of mind that you can access your accounts, 24 hours a day, 7 days a week. If you haven't already, download it now on your device or you can learn more about the app here.
Want to be notified when you receive your tax return?
You will need to download your Interest Summary to lodge your return. Here's how to find your statement online.
To set up an alert
- Log on to Online Banking
- Go to ‘My Banking’ and click on Account Alerts under ‘My Profile’, then ‘Manage Alerts’, and follow the prompts.