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 financial events 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 how to fill out your myTax return using the information on your tax statement to “Personalise” your tax return.

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

Be sure to 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.

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:

After entering the “Interest” information, click [Save and Continue] and proceed to enter “Dividends” information as follows:

After entering the “Dividends” information, click [Save and Continue] and proceed to enter “Managed funds distribution” information as follows:

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 can 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 can 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. Please consult a Tax professional regarding any questions you may have regarding Capital Gains and how they relate to your personal circumstances.

After entering the “Managed funds distribution” information, click [Save and Continue] and proceed to enter “Deductions” information as follows:

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:

download-raiz-app
Click to download the Raiz app

 

Important Information

The information on this website is general advice only. This means it does not take into account any person’s particular investment objectives, financial situation or investment needs. If you are an investor, you should consult your licensed adviser before acting on any information contained in this article to fully understand the benefits and risk associated with the Raiz product.

The information in this website is confidential. It must not be reproduced, distributed or disclosed to any other person. The information is based on assumptions or market conditions which change without notice. This will impact the accuracy of the information.

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

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.


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