Questions about Tax Return

BluebirdV on 03/07/2021 - 06:30

My partner is ready to do her tax return and I was wondering about a few things. They want information about bank interest. Last year this information was already pre-filled. When will the data be available? If she enters the information herself how is the income calculated in a joint bank account? Do we just calculate the interest in both tax returns?

Also it says complete your spouse's taxable income. Is it Ok to just put the income from work that is already there? There is no interest pre-filled in my tax account either. Also I am using an accountant to do my tax return. My income will be lower than what it says in the ATO once the accountant figures out all the deductions. Would it be better to wait until I complete my tax return so she can put in the final figures for my taxable income?

Thanks.

Financial

Comments

  • kerfuffle on 03/07/2021 - 06:32
    +4

    When will the data be available

    In about another two weeks. Nothing stopping her from manually going into her accounts and calculating it herself … Unless she happens to be with UBank

    As for interest from a joint account, obviously you divide it by two to get 50% … Unless the joint account account is shared between three or more people

    • BluebirdV on 03/07/2021 - 06:39

      I have a Ubank account.

      • kerfuffle on 03/07/2021 - 06:57
        +1

        Then you have to wait. Feel free to ask UBank when this information will be available apart from 'soon'. You could also go through your accounts and manually add up all the interest …

  • lakes_8 on 03/07/2021 - 09:25
    -1

    Better to wait at least a month so they can prefill

    • ronnknee on 04/07/2021 - 13:23

      Not sure why this was negged, isn't this pretty much what others are recommending?

  • JohnSy on 03/07/2021 - 09:25
    +2

    Would it be better to wait until I complete my tax return so she can put in the final figures for my taxable income?

    The simplest thing to do is wait a few weeks until all the interest etc auto populates. Then just do both returns at once. As you mentioned you need the final figures from your taxable income for her return and vice versa to fully complete the return, so it does not make much sense trying to do it earlier.

    The auto-populate makes it very easy now - why not make the most of it…

  • Almost Banned on 03/07/2021 - 10:28
    -2

    I think this is a perfect opportunity for me to say how ridiculous it is that this country does not allow joint filing of tax returns - but insists that I disclose my partner's taxable income - information I have no lawful right to if he/she does not want to give it to me.

    • GoldenDragon888 on 03/07/2021 - 10:52
      +2

      In regards to say a current or ex partner not telling you there income details when you need to include them in your tax return you are allowed to reasonably estimate.

      Cant find the link at the moment but this is a common question on the ATO community forum.

      • trex on 03/07/2021 - 11:15
        +1

        Seek the information required at this item from your spouse, whether they need to lodge or not. If you cannot find out any of the amounts required, you can make a reasonable estimate.

        You will not be penalised for an incorrect estimate if you acted reasonably and in good faith.

        https://www.ato.gov.au/Individuals/Tax-return/2020/Tax-retur…

        • brendanm on 03/07/2021 - 11:25

          This, I just guessed for my wife's by adding a bit on to her last year's amount. Can't be bothered waiting to get the exact amount.

      • Almost Banned on 03/07/2021 - 22:16

        You are right, but what is the point of a question that most people will just take a guess at?
        The ATO will get the information directly from the person. Why ask me?

        • Mad Max on 03/07/2021 - 23:42
          +1

          It makes you wonder if all this data matching capability that they keep telling people they have is just a furphy. All they need is name, surname and dob of the spouse and they should be able to match all the data they need. Or not…?

  • PissLUR on 04/07/2021 - 10:14
    +1

    If you use the prefilled data from bank or any others, make sure that you check and check and triple check the amount.

    I had RAMS sending me a letter and email letting me know that their data was incorrect 10 months later after their prefilled data was available. Fortunately, I didn't use theirs.

  • Venustrap87 on 04/07/2021 - 16:23

    You should be able to view it in the financial area 2020/2021

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