How to use your Raiz annual tax statement for your tax return - Raiz Invest

Tax time is here again, and even for the financially savvy amongst us, tax time can still be daunting and a bit of a chore. However, with a little help it doesn’t have to be so stressful.

Around the 3rd week of July each year, Raiz will issue you with an Annual Tax Statement which you can download from within the Raiz App, or via our website. We will send you an email when it is available for your account. Even if you have sold all your investments during the financial year, you will still be able to log back into your Raiz account to download the statement when it is available.

The Annual Tax Statement that Raiz provides to you will break down the different types of income and capital returns which have occurred during the previous tax year on your Raiz investment portfolio. This information is important, and it will enable you, or your appointed tax professional, to successfully complete your annual tax return to the ATO.

While many people use a tax professional to file their annual tax return, an increasing number of people submit their own tax return using myTax which is part of the ATO’s myGov online portal. This guide explains where on the myTax return the information on your Raiz tax statement goes.

Keep in mind that this guide should only be used by Australian resident taxpayers preparing individual tax returns. It should always be read in conjunction with the ATO guidance notes accessible from within myTax, and should you have any questions in relation to using myTax please contact the ATO directly.

Disclaimer: this guide does not take into account your personal circumstances and does not constitute tax advice and should not be relied upon as a substitute for tax advice. We recommend you seek your own independent tax advice to address your personal circumstances.

 

Example Raiz Annual Tax Statement:

 

Step 1 – Personalise your myTax return

Select “Interest”,” Dividends”, “Managed fund distributions”, and “Gifts, donations, interest, dividends, and the cost of managing your tax affairs” by ticking the corresponding boxes. This allows you to declare your numbers in the right place.

All numbers need to be rounded to the nearest dollar.

Once you have done the above, click on [Next] within myTax and you will see the “Interest”, “Dividends”, “Managed fund distributions” and “Deductions” sections available for completion.

 

Step 2 – Insert amounts from Annual Tax Statement.

Let’s begin with adding the interest from the Raiz Annual Tax Statement into myTax. Click on [Add/Edit] on the “Interest” section of myTax and enter the information as follows (remember all numbers need to be rounded to the nearest one dollar):

After entering the “Interest” information, click [Save and Continue] and proceed to enter “Dividends” information as follows (remember all numbers need to be rounded to the nearest one dollar):

After entering the “Dividends” information, click [Save and Continue] and proceed to enter “Managed funds distribution” information as follows (remember all numbers need to be rounded to the nearest one dollar):

Note: If the amount shown at 18H on the Raiz Annual Tax Statement is in brackets, this means that you have made a capital loss on your Raiz investment in that financial year. If you make a capital loss, you may be able to use it to reduce any capital gains you made in the same financial year from other investments.

If you have not made a capital gain in the same financial year, you may be able to use this loss to reduce a capital gain in a later year. If this occurs, you do not enter anything into 18H, and instead carry the loss forward to a future financial year and offset it against a future Capital Gains. You need to consult a Tax professional regarding any questions you may have regarding Capital Gains and how they relate to your personal circumstances as we cannot advise you.

After entering the “Managed funds distribution” information, click [Save and Continue] and proceed to enter “Deductions” information as follows (you need to round to the nearest dollar):

You have now successfully entered all information from the Raiz Annual Tax Statement into the myTax system.

 


 

Don’t have the Raiz App?

Download it for free in the App store or the Webapp below:

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Click to download the Raiz app

 

Important Information

This guide does not take into account your personal circumstances and does not constitute tax advice and should not be relied upon as a substitute for tax advice. We recommend you seek your own independent tax advice to address your personal circumstances.

If you have read all or any part of our email, website, or communication then you need to know that this is factual information and general advice only. This means it does not consider any person’s particular financial objectives, financial situation, or financial needs. If you are an investor, you should consult a licensed adviser before acting on any information to fully understand the benefits and risk associated with the product. This is your call but that is what you should do.

You may be surprised to learn that RAIZ Invest Australia Limited (ABN 26 604 402 815) (Raiz), an authorised representative AFSL 434776 prepared this information.

We are not allowed, and have not prepared this information to offer financial product advice or a recommendation in relation to any investments or securities. If we did give you personal advice, which we did not, then the use of the Raiz App would be a lot more expensive than the current pricing – sorry but true. You therefore should not rely on this information to make investment decisions, because it was not about you for once, and unfortunately, we cannot advise you on who or what you can rely on – again sorry.

A Product Disclosure Statement (PDS) for Raiz Invest and/or Raiz Invest Super is available on the Raiz Invest website and App. A person must read and consider the PDS before deciding whether, or not, to acquire and/or continue to hold interests in the financial product. We know and ASIC research shows that you probably won’t, but we want you to, and we encourage you to read the PDS so you know exactly what the product does, its risks and costs. If you don’t read the PDS, it’s a bit like flying blind. Probably not a good idea.

The risks and fees for investing are fully set out in the PDS and include the risks that would ordinarily apply to investing. You should note, as illustrated by the global financial crisis of 2008, that sometimes  not even professionals in the financial services sector understand the ordinary risks of investing – because by their nature many risks are unknown – but you still need to give it a go and try to understand the risks set out in the PDS.

Any returns shown or implied are not forecasts and are not reliable guides or predictors of future performance. Those of you who cannot afford financial advice may be considering ignoring this statement, but please don’t, it is so true.

Under no circumstance is the information to be used by, or presented to, a person for the purposes of deciding about investing in Raiz Invest or Raiz Invest Super.

This information may be based on assumptions or market conditions which change without notice and have not been independently verified. Basically, this says nothing stays the same for long in financial markets (or even in life for that matter) and we are sorry. We try, but we can’t promise that the information is accurate, or stays accurate.

Any opinions or information expressed are subject to change without notice; that’s just the way we roll.

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