As a tax agent, one of the greatest inventions by the Australian Taxation Office (ATO), is the “Pre-filling” report – this is a report that I can download direct from the ATO and it includes details of your PAYG Payment Summaries, Interest and Dividends received and a summary of the deductions you claimed in your latest lodged income tax return (among other things…)
But this report is only as good as the information that has been provided to the ATO by employers, banks and other corporations!
One item of income that many people don’t think to give their tax agent details of is interest income! Many people think they don’t earn any interest income…but you’d be surprised, and yes, it all counts!
I can tell you now that most interest income is yet to reach the ATO and is not yet appearing on Pre-filling reports – so please do yourself and your tax agent a favour and login to your internet banking before your appointment and print or e-mail them a summary of your interest details – it will save you time during your appointment and reduce the need for an ATO review later on!