How to use your Raiz annual tax statement for your tax return
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. 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.
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 (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:
Important Information
Raiz Invest Australia Limited – Authorised Representative of AFSL 434776. The Raiz Invest Australia Fund and Raiz Property Fund are issued in Australia by Instreet Investment Limited (ACN 128 813 016 AFSL 434776) a subsidiary of Raiz Invest Limited and promoted by Raiz Invest Australia Limited (ACN 604 402 815).
Raiz Invest Super is a Division of AMG Super and is issued by Equity Trustees Superannuation Limited (AFSL 229757, RSE Licence No L0001458) as Trustee of AMG Super.
If you have read all or any part of our email, website, or communication then you need to know that the information is general information only and does not take into account of your personal financial situation, goals or needs. You should obtain financial advice tailored to your circumstances by a licensed professional adviser, as we are not authorised to provide personal financial advice.
A Product Disclosure Statement (PDS) and Target Market Determination (TMD) for Raiz Invest Australia Fund, Raiz Invest Super and Raiz Property Fund (together, the Products) are available on the Raiz Invest website and App. Please read and consider the PDS and TMD to understand the risks and determine if the Products are suitable for you. The risks and fees are fully set out in the PDS and include the risks that would ordinarily apply to investing.
Any returns shown or implied are not forecasts and are not reliable guides or predictors of future performance.
Under no circumstance is the information to be used by, or presented to, a person for the purposes of deciding about investing in the Products.
This information may be based on assumptions or market conditions which change without notice and have not been independently verified.
Any opinions or information expressed are subject to change without notice.
Home loans are subject to approval from the lending institution and Raiz Home Ownership makes no warranties as to the success of an application until all relevant information has been provided.
Raiz Home Ownership Pty Ltd (ABN 14 645 876 937), an Australian Credit Representative number 528594 under Australian Credit Licence number 387025. Raiz Home Ownership Pty Ltd is 100% owned by Raiz Invest Australia Limited (ABN 26 604 402 815).
