In Australian tax return, a tax deduction refers to an expense that can be subtracted from your assessable income, thereby reducing your taxable income. By claiming deductions, you can potentially lower the amount of tax you owe.
Type of Tax Deduction
Deductions for costs incurred in running your business are allowable, provided the expenses are not of a private, domestic, or capital nature. You may be able to claim deductions for your business expenses.
– Accounting Fee
– Advertising Fee
– Bank Fee
– Other Fee
– Rent
– Sub-Contractors
– Salary & Wages
– Superannuation
– Work Cover
– Insurance
– Public Liability Cover
– Business Trip
– Staff Training Exp
– Freight & Cartage
– Leasing & Hiring
– Fuel
– Parking
– Registration
– Repairs & Maintenance
– Internet Expenses
– Printing & Stationery
– Postage
– Repairs
– Rubbish Removal
– Telephone
– Office Equipment
– Tool Replacements
– Uniform/Prot. cloth
– Electricity Expense
– Material Purchase
– Closing Stock
– Other Purchase
– Car Purchase
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In Australia, you can generally claim deductions for expenses related to your investment property against the rental income you receive.
Investment Property
You can claim a deduction for your rental property-related expenses for the period your property is rented or is genuinely available for rent.
If you use your property for both private and income-producing purposes, you can only claim a deduction for the portion of any expenses that relate to the income-producing use.
Property rented or genuinely available for rent
You can claim a deduction for rental expenses you incur, if you use your property for income-producing purposes.
You can only claim a portion of your expenses if any of the following apply to you:
– Your property is only genuinely available for rent for part of the year.
– Your property is used for private purposes for part of the year.
– Only part of your property is used to earn rent.
– You rent your property at non-commercial rates.
– Your investment loan is partially used for private purposes.
1. When you can claim
You can claim expenses for periods when your property is either:
rented out not rented out but is genuinely available for rent, which means the property is advertised, giving it broad exposure to potential tenants considering all the circumstances, tenants are reasonably likely to rent the property.
If these don’t apply, it’s likely that you can’t claim all your expenses as you don’t have a genuine intention to earn income from your property.
2. Factors that indicate genuine availability
Property is genuinely available for rent when it is:
– advertised in ways that give it broad exposure to potential tenants
– having regard to all the circumstances, tenants are reasonably likely to rent it.
Factors that may indicate a property isn’t genuinely available for rent include:
– you advertise in ways that limit your exposure to potential tenants – for example, if you only advertise
— at your workplace, or by word of mouth
— outside holiday periods, so it is less likely to be rented out
– the location, condition of the property, or accessibility of the property means it is unlikely tenants will seek to rent it
– you place unreasonable or stringent conditions on renting out the property that restricts the likelihood of the property being rented out, such as
— setting the rent above the rate of comparable properties in the area
— placing a combination of restrictions on renting out the property, such as requiring prospective tenants to provide references for short holiday stays and having conditions like no children or no pets
– you refuse to rent out the property to interested people but you don’t give adequate reasons.
All or part of your property is used to earn rent
If only part of your property is used to earn rent, you can claim only that part of your expenses that relates to the rental income. As a general guide, apportion your expenses on a floor-area basis – that is, based on the area solely occupied by the tenant, together with a reasonable figure for their access to the general living areas, including garage and outdoor areas if applicable.
Property available for part-year rental
If your property is only available to rent for part of the year, you can’t claim a deduction for the portion of any expenses that relates to your private use.
For example, if you have a holiday home or time-share unit, you can’t claim a deduction for any expenses related to those periods when you, your friends or your family used the home or unit for private purposes.
You may need to decide which expenditure is private in nature. For example, council rates paid for a full year would need to be apportioned based on the total time the property was rented out and genuinely available for rent during the year as a proportion of the total year.
However, it may not be appropriate to apportion some of your expenses on the same basis. For example, expenses that relate solely to the renting of your property are fully deductible and you would not apportion them based on the time the property was rented out. Such costs might include:
– real estate agents commissions
– costs of advertising for tenants
– phone calls you make to a tradesperson to fix damage caused by a tenant
– the cost of removing rubbish left by tenants.
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Before you invest time and money into setting up your business, you need to register a business for the right business licenses, make sure you put together a business plan and carefully consider how viable your business is.
Many businesses fail when these things aren’t considered. Get in touch with the Office of the NSW Small Business Commissioner or an industry association to get advice specific to your area.
1. Set up as a sole trader
Operating as a sole trader is the simplest and cheapest business structure you can set up. You control and manage the business, and although you ‘trade’ on your own, you can still employ people to work for you.
2. Register a company
If you’ve decided a company structure is best for your business, you’ll need to register your company with the Australian Government.
3. Register a limited partnership
If you’ve decided a limited partnership structure is best for your business, you’ll need to register the limited partnership with the NSW Fair Trading’s Registry Services.
4. Set up a trust business structure
A trust is an obligation imposed on one person or entity – the trustee, to hold property for the benefit of another – the beneficiary. The trustee can be an individual or a company, the latter providing some asset protection.
5. Register a co-operative
If you’ve decided a co-operative is best for your business, you’ll need to register the co-operative with NSW Fair Trading’s Registry Services.
Starting a business(Q&A)
Register an Australian Business Number (ABN)
You don’t have to register for an ABN, but an ABN will let you claim Goods and Services Tax credits, energy grants credits, register an Australian domain name, plus more.
Apply for an Administrator AUSkey
An AUSkey is a unique secure login linked to an Australian business number (ABN), which allows you to access and send business information to the government online.
Register a business name
You’ll need to register a business name, unless you’re a sole trader or partnership and your business name is exactly the same as your or you and your partner’s first and last names. You’ll need an ABN or ABN application number to register your business name.
Register your business for Goods and Services Tax (GST)
You must register your business for GST if
– Your GST turnover is $75,000 or more
– You provide passenger transportation services (e.g. Ola, Uber, Didi)
Apply for a business Tax File Number
The Australian Taxation Office (ATO) will automatically issue your partnership, company or trust with a business TFN when you apply for an Australian Business Number (ABN).
Apply for an individual Tax File Number
If you’ve decided a sole trader structure is best for your business, you’ll need to apply for an individual Tax File Number.
Register for PAYG withholding
You’ll need to register for PAYG withholding if you need to withhold tax (on behalf of the Australian Tax Office) from payments you make to employees, contractors, or other businesses that haven’t supplied you an ABN.
Get liability insurance for your business
You can choose to take out public liability, professional indemnity, or product liability insurance. Public liability insurance protects you and your business against the risks of damage or injury to people or property. While it’s not mandatory, it’s essential for a business.
Register for fuel tax credits
You may be eligible to register for fuel tax credits for the fuel used by your business.
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Self managed super funds (SMSFs) are a way of saving for your retirement. The difference between an self managed super funds and other types of funds is that the members of an SMSF are usually also the trustees. This means the members of the self managed super funds run it for their benefit and are responsible for complying with the super and tax laws.
If you set up a self-managed super fund (SMSF), you’re in charge – you make the investment decisions for the fund and you’re held responsible for complying with the super and tax laws.
It’s a major financial decision and you need to have the time and skills to do it. There may be better options for your super savings.
It’s best to see a qualified, licensed professional to help you decide the Australian Securities and Investments. A self managed super funds must be run for the sole purpose of providing retirement benefits for the members or their dependents. Don’t set up an self managed super funds to try to get early access to your super, or to buy a holiday home or artwork to decorate your house. These things are illegal.
SMSF Setup
Individual trustees
Corporate trustees
Maximum of four members
Maximum of four members
Each member of the fund must be a trustee, and each trustee must be a member of the fund (except for single-member funds – see below).
Each member of the fund must be a director of the company, and each director of the corporate trustee must be a member of the fund (except for single-member funds – see below).
A member cannot be an employee of another member (unless they are relatives).
A member cannot be an employee of another member (unless they are relatives).
———————–Single-member funds———————–
———————–Single-member funds———————–
There must be two trustees. One trustee must be a fund member.
The trustee company can have one or two directors, but no more. The fund member must be either the sole director or one of the two directors.
If the fund member is an employee of the other trustee, the fund member and the other trustee must be relatives.
If there are two directors and the fund member is an employee of the other director, the fund member and the other director must be relatives.
Rollover existing super funds / Investment / Insurance
1. Rollover existing super funds
A SMSF trustee, you can accept contributions and rollovers for your members from various sources but there are some restrictions, mostly depending on the member’s age and the contribution caps. You need to properly document contributions and rollovers, including the amount, type and breakdown of components, and allocate them to the members’ accounts within 28 days of the end of the month in which you received them.
2. Investment
All investments by your SMSF must be made on a commercial ‘arm’s length’ basis. The purchase and sale price of fund assets should always reflect true market value, and the income from fund assets should always reflect a true market rate of return.
3. Insurance
Tax deductible insurance policies can also be purchased to protect members. The self managed superfund can obtain the following tax deductible cover for members:
– life and TPD insurance, and
– income protection insurance
Tax / Tax return and audit
1. Tax
The income of your self managed super funds is generally taxed at a concessional rate of 15%. To be entitled to this rate, your fund has to be a ‘complying fund’ that follows the laws and rules for SMSFs. For a non-complying fund, the rate is the highest marginal tax rate. Capital gains will be taxed at a rate between 10%~15%. When your SMSF is funding your pension (in the pension phase), all income and capital gains on the pension account will be subject to zero tax.
2. Tax return and Audit
As an self managed super funds auditor, it’s your role to carry out the annual financial and compliance audit of an SMSF’s operations. The trustees must appoint you as their SMSF auditor no later than 45 days before the annual return is due to be lodged and provide you with all relevant documentation to conduct and finalize the audit. If you request more information from the trustees, they must provide it to you within 14 days of your written request. You’re required to complete the audit and provide the Independent auditor’s report (IAR) to the trustees within 28 days of receiving all relevant documentation. A financial and compliance audit must be completed before a fund’s SMSF annual return can be lodged.
Q&A
SMSF Setup
You can engage other SMSF professionals, such as accountants and SMSF financial advisers, to help you set up and run your fund. An accountant can help prepare your fund’s accounts and its annual financial position and operating statements. A tax agent can complete and lodge your SMSF annual return, provide tax advice and represent you in your dealings with us.
Bare Trust Setup
The Declaration of Custody Trust (Bare trust) for the SMSF borrowing needs a company as its trustee. That company must be a different company from the one that is the SMSF trustee for bank loans.
Finance/Loan Consultation
Normally banks loan amounts from $200,000 to $2,000,000, giving you the potential to acquire property worth more than your SMSF is available cash funds. You can use rental income and employee/employer/personal contributions to assist with repayments. Borrow up to 70% of the property value.
SMSF Tax Return
You need to lodge an annual return once the audit of your SMSF has been finalized. The SMSF annual return is more than an income tax return. It is also used to report super regulatory information, member contributions and pay the SMSF supervisory levy.
SMSF Audit
You must appoint an approved SMSF auditor to audit your fund each year, not later than 45 days before you need to lodge your SMSF annual return. The auditor examines your fund’s financial statements and assesses your fund’s compliance with super law. Approved SMSF auditors have a critical role in helping to maintain the health and integrity of the SMSF sector through the annual audit of each SMSF.
Tax deductions for an Australian business are expenses that can be deducted from the business’s assessable income to reduce the amount of income tax payable in tax return. Here are some common tax deductions for Australian businesses:
Operating expenses:
This includes expenses such as rent, utilities, insurance, and office supplies.
Wages and salaries:
The cost of wages and salaries paid to employees, including superannuation contributions, can be deducted.
Depreciation:
Businesses can claim deductions for the decline in value of their assets, such as equipment, vehicles, and buildings.
Bad debts:
If a business is unable to collect payment for goods or services that it has provided, it can claim a deduction for the amount of the debt.
Travel expenses:
Businesses can claim deductions for travel expenses incurred in the course of doing business, such as airfare, accommodation, and meals.
Marketing and advertising expenses:
The cost of advertising and promoting a business, including website development and maintenance, can be deducted.
Professional fees:
Businesses can claim deductions for fees paid to accountants, lawyers, and other professionals for advice and services related to the business.
It is important to keep accurate records of all business expenses and ensure that they are legitimate and directly related to the business. Businesses should seek professional advice from an accountant or tax agent, such as TAX123, to ensure that they are claiming all eligible deductions and meeting their tax obligations.
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The Australian tax system can be a little overwhelming for people who are new to the country or filing taxes for the first time. It is essential to understand the process of filing individual tax return in Australia to avoid any legal or financial consequences. In this blog post, we will discuss the basics of individual tax return in Australia.
Taxable Income
Your taxable income is the amount of money that you need to pay taxes on. It includes all the income you’ve earned over the financial year, including your salary, wages, and any income from investments or rental properties. You can reduce your taxable income by claiming deductions for expenses related to work or investment income.
Filing Your Tax Return
If you are required to lodge a tax return, you must do so by the end of October. The tax return can be lodged online using the Tax123 Individual Tax Return system. The Tax123 Individual Tax Return system is an easy-to-use online service that guides you through the process of filing your tax return. You will need to provide your personal details, financial information, and any deductions you are entitled to. Once you have completed your tax return, you will receive a notice of assessment from the Australian Taxation Office (ATO) outlining your tax liability or refund.
Penalties for Non-Compliance
If you fail to lodge your tax return by the deadline, you may face penalties or fines. The Australian Taxation Office (ATO) may also charge interest on any unpaid taxes and take legal action to recover the outstanding amount. To avoid these consequences, it is essential to lodge your tax return on time and ensure that all the information provided is accurate.
Conclusion
Filing your individual tax return in Australia can be a daunting process, but it is crucial to stay on top of your tax obligations. By understanding the basics of the Australian tax system, you can ensure that you lodge your tax return accurately and on time, avoiding any legal or financial consequences. Remember to keep all your receipts and documents related to your income and expenses to make the process of filing your tax return a lot smoother.
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Why student visa holders cannot claim this self-education expense
For oversea students, if you are holding a student visa, your primary intention for obtaining the visa was to study in Australia before gaining working rights. Prior to enrolling and incurring tuition expenses, you were not permitted to work or be employed in Australia. However, when it comes to claiming self-education expenses, the requirement is that the course should be directly related to improving the skills required for your current income-earning activities. Therefore, as a general rule, international students are usually unable to claim self-education expenses.
What's the difference between business-related expenses and PAYG expense?
In the context of Australian tax returns, there are two types of work-related expenses: business-related expenses and PAYG (Pay As You Go) work-related expenses. Here’s an overview of the differences between them:
Business-Related Expenses (ABN): These expenses are incurred by individuals who operate their own business or work as independent contractors. In this section, you can claim deductions for expenses directly related to your business activities, such as office rent, equipment costs, advertising expenses, professional fees, and other costs directly incurred in running your business.
PAYG Work-Related Expenses: These expenses are incurred by individuals who are employees and receive a salary or wages subject to the PAYG withholding system. PAYG work-related expenses are typically associated with the performance of your job and are directly related to earning your income. For example, expenses for uniforms, training courses, and work-related travel.
It’s important to note that there are specific criteria and substantiation requirements for claiming both types of work-related expenses. Generally, you can only claim deductions for expenses that are directly related to your work and are not reimbursed by your employer.
What Happens If I Don't Have an Invoice?
Under Australian Tax Law, deductions totaling more than $300 must be substantiated with proof such as a receipt or other relevant document. If you cannot provide such evidence, we regret that we will be unable to process your deduction.
What is Medicare Levy?
The Medicare levy is an amount you pay in addition to the tax. if you meet certain conditions, you could claim a Medicare levy exemption from your taxable income.
To be legible for an exemption, ATO may ask you to provide a Medicare levy exemption certificate. In this case, you must get a Medicare Entitlement Statement(MES) from www.servicesaustralia.gov.au.
Why need the information of my family?
Because you may get a reduction or exemption from paying the Medicare levy surcharge, depending on you and your spouse’s income and circumstances.
The Business Activity Statement, or BAS, is a business’s quarterly tax reporting form submitted to the Australian Taxation Office (ATO). On the BAS, businesses report their total GST collected on sales and GST paid on expenses over the last three months. This allows the ATO to determine if a business owes additional tax or is due a refund.
if your business is registered for GST, you must submit BAS reports.
The BAS is a separate reporting requirement from your tax return. As a GST-registered business, you must report your GST activity and amounts on a BAS on a quarterly basis, regardless of whether you meet the lodgment threshold for income tax returns.
The BAS discloses your total GST collected from sales as well as GST paid on business expenses over the reporting period. The Australian Taxation Office uses this information to determine if you have a GST refund owing or additional GST amount payable.
Submitting your BAS ensures you are meeting your GST obligations as a registered business and helps maintain your GST registration status. Even if no sales or expenses were recorded in a particular quarter, a BAS must still be lodged to report nil activity.
Before You Start, You Must Agree
Tax returns require truthful and legally obtained documentation. Please double check all information you upload matches your actual financial records.
The ATO conducts compliance checks, so false claims may result in penalties if discrepancies are found later on. We’re here to help you maximize deductions, but cannot condone fabricated receipts or expenses.
Income statements like pay slips or supplier invoices must be the copy of original documents, not altered versions.
Personal details like your name, address and birthdate should be entered exactly as shown on official identification like a drivers license or passport.
Be sure to include all required income, including cash earnings or side jobs. Leaving things out risks an audit down the road for underreporting.
Ask us if you have any unclear situations or documentation issues before submitting. We’d love to help make sure your return is fully accurate to avoid issues with the ATO.
What is Medicare Levy Exemption?
Medicare is Australia’s universal healthcare system that provides affordable medical care for all residents and citizens. While Medicare is funded through a 2% Medicare Levy paid by individual taxpayers, there are certain exemption criteria that allow some people to claim a Medicare Levy Exemption. To understand if have met the requirements of Medicare Levy Exemption, please check the article below:
Capital gains tax (CGT) is the tax you pay on profits from disposing of assets including investments, such as property, shares and crypto assets. Although it is referred to as ‘capital gains tax’, it’s part of your income tax. It’s not a separate tax.
Type your ABN number is search box and click search button.
Find your ABN record in search result.
Check the status of “Goods & Services Tax (GST)”.
How to find your bank statement
To find your bank statement from online banking, you can follow these general steps:
Log in to your online banking account using your username and password. This information is typically provided to you when you set up your online banking account.
Once logged in, navigate to the section or tab that contains your account information or transactions. This may be labeled as “Accounts,” “Transactions,” or something similar.
Select your business account for which you want to access the bank statement. If you have multiple business accounts, please download all those accounts’ statements on by one with following steps.
Look for an option or link that allows you to view or download your bank statements. It may be labeled as “Statements,” “Documents,” or “Statements and Documents.”
Choose the statement period or date range for a financial year. For example, if you are doing tax return of financial year 2023, please choose 1 July 2022 to 30 June 2023.
Click on the statement or download button to access the bank statement. Depending on your bank’s online banking platform, the statement may open in a new window or be downloaded as a PDF or other file format.
After finishing downloading, please update your file to our online tax return system.
If you are unable to locate your bank statement, please contact your bank staffs.
ABN
ABN stands for Australian Business Number. It is a unique 11-digit number that is issued by the Australian Business Register (ABR) to businesses and other entities, such as sole traders, partnerships, companies, and trusts, that are carrying on an enterprise in Australia. The ABN is used as a universal identifier for businesses and is required for various purposes, including:
Registering for Goods and Services Tax (GST) and Fringe Benefits Tax (FBT) with the Australian Taxation Office (ATO).
Claiming tax credits and deductions, such as input tax credits for GST.
Dealing with other government agencies, such as the Australian Securities and Investments Commission (ASIC) and the Australian Business Licence and Information Service (ABLIS).
Conducting business with other entities, such as suppliers and customers, who may require an ABN for invoicing and payment purposes.
To apply for an ABN, businesses and other entities must meet certain eligibility criteria, such as being registered for GST or operating in a business-like manner. Once an ABN is issued, it does not expire and can be used for the life of the business or entity, provided that the information held by the ABR is kept up-to-date.
The revised fixed rate method allows you to claim 67 cents per hour you work from home for the expenses listed below. You no longer require a dedicated home office to use this method:
Expense included in the revised fixed rate are:
data and internet
mobile and home phone usage
electricity and gas
computer consumables (e.g. printer ink)
stationery
You can’t claim a separate deduction for any of the expenses the revised fixed rate includes. You can claim a separate deduction for:
the decline in value of assets used while working from home, such as computers and office furniture
the repairs and maintenance of these assets
cleaning (only if you have a dedicated home office)
Method Two: Actual cost method
The actual cost method allows you to claim a deduction for the actual expenses you incur as a result of working from home.
You may be able to claim a deduction for each of the expenses you incur, such as:
data and internet
mobile and home phone usage
electricity and gas
computer consumables (e.g. printer ink)
stationery
the decline in value of assets used while working from home, such as computers and office furniture, as well as any maintenance and repairs of these items
cleaning (only if you have a dedicated home office)
The actual cost method requires detailed calculations and records. For example, you will need to know and have records of the cost per unit of electricity and average units used per hour.
Is it safe to give tax agency your crypto API and secret key?
In order to better understand this question, it’s important to understand the various types of access that certain cryptocurrency exchange API’s grant. You can configure what type of access you want your API key to grant using your exchanges account settings. Read only access allows the system that is connecting to the exchange API to only “read” or “view” the transaction data for that user account.
This type of granted access is popular amongst portfolio trackers and tax software systems that only need to know your transaction history in order to work properly. These applications, such as us, do not need to be able to make trades on your behalf, we only require this “read only” access to get your income data for tax return purpose. Programs with this type of access CANNOT make trades or withdraw funds on your behalf, so it is safe for you.
How can I get my Uber report?
To obtain your Uber report, you can follow these steps:
Visit the Uber website: Go to the official Uber website at www.uber.com and sign in to your account using your Uber credentials.
Access your account settings: Once logged in, locate and click on your profile icon or photo in the top-right corner of the screen. This will open a drop-down menu.
Open the Privacy settings: In the drop-down menu, find and select the “Privacy” option. This will take you to the Privacy settings page.
Request your data: On the Privacy settings page, scroll down until you reach the “Access and manage your data” section. Look for a link or button that says something like “Download your data” or “Request your data.” Click on it to initiate the data request process.
Specify the data you want: The Uber platform may provide options for you to select the specific types of data you want to include in your report. This can include trip history, account information, payment details, and more. Review the available options and make your selections.
Submit your request: After making your selections, submit your request to Uber. The platform may require you to re-enter your password or go through an additional verification step to ensure the security of your data.
Wait for the report: Once you’ve submitted your request, Uber will process it and generate your report. The time it takes to receive the report can vary, but you should typically receive an email notification from Uber when your report is ready for download.
Download the report: When you receive the notification, follow the instructions provided to download your Uber report. The report is usually provided in a downloadable format, such as a ZIP file or PDF document.
If you encounter any difficulties or have specific questions about obtaining your Uber report, it’s recommended to reach out to Uber’s customer support for further assistance.
When Should I Amend My Tax Return?
To amend your tax return, to fix a mistake or include additional information you can lodge a request online, by paper, through your tax agent or by sending us a letter.
Individuals and sole traders can request an amendment to their income tax return if
they have made a mistake
forgotten to include something
had a change in circumstance after lodging.
Who Is Sole Trader
A sole trader is an individual running a business. If you run your business as a sole trader, you are:
the sole owner and controller of it
legally responsible for all aspects of the business, including debts and losses you incur in running it.
Fares paid to taxi drivers by passengers include goods and services tax(GST). If you’re a taxi driver and you’re not employed by someone else, you must:
register for GST – regardless of how much you earn
only claim GST credits related to your work
lodge business activity statements (BAS) monthly or quarterly (you can’t choose to lodge annually)
pay your net GST
Also, lodge a tax return regardless of how much you earn from ride-sourcing because you are operating a business. If you have registered ABN and GST, please choose “GST Activated”. If you don’t have, please contact us to register them.
What is TFN?
A tax file number (TFN) is your personal reference number in the tax and superannuation systems.
Your TFN is:
a unique number (usually 9 digits)
an important part of your identity
yours for life – you keep your TFN even if you change jobs or name, move interstate or go overseas.
To get bank transaction records from online banking, follow these general steps:
Visit your bank’s website and enter your login credentials.
Once you’re logged in, look for a section or tab labeled “Account Activity,” “Transactions,” or something similar. The exact wording may vary depending on your bank’s online banking platform.
Select your business account for which you want to access the bank statement. If you have multiple business accounts, please download all those accounts’ statements on by one with following steps.
Choose the transaction period or date range for a financial year. For example, if you are doing tax return of financial year 2023, please choose 1 July 2022 to 30 June 2023.
After selecting the date range, click on a button like “Export,” “Generate,” “Search,” or “Get Transactions” to export data.
Once the transaction history is generated, it will automatically download to your device. Please open it and double-check that they include the desired transactions and that the information is accurate. If everything is setting down, please upload all transactions CSV files to our online tax return system.
It’s important to note that the specific steps may vary depending on your bank and its online banking platform. If you encounter any difficulties or have specific questions, it’s best to reach out to your bank’s customer support for assistance.