Book your tax return in September to avoid refund delays
If you have managed funds or exchange-traded funds (ETF) such as Vanguard, Betashares, iShares, etf Securities, and Raiz, statements from the fund managers reporting on distributions (made up of types of income like interest, dividends, capital gains, and foreign income) tend not to be released until early August. This means that if your appointment is booked too early, there would be a delay in your tax return being completed because we would be waiting for the statements to be released.
These types of funds take longer than shares and bank accounts to collate and circulate to investors and the ATO. In fact, the ATO usually only receives this information by late-August. Therefore, we advise that you wait and book your tax return appointment with us in September, when all the information has been collated so there is no delay when we lodge your tax return.
Some ETF investments have become more popular as they allow investors to invest in multiple shares in one trade and Raiz, for example, allows ‘round up’ payments on investors’ bank cards in small amounts so that is then invested in the funds. However, all income is taxable, so the ATO has urged ETF investors to check all relevant data has been included, so there are no misunderstandings in tax obligations, and that appropriate records have been kept.
If you would like to book your tax return appointment, please call 08 9240 7629 or email: admin@taxproaustralia.com.au
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