eTax Pre-Filling - Aussie Stock Forums

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  1. #1

    Default eTax Pre-Filling

    Has anyone used the Pre-Filling feature of eTax? It is supposed to automatically load certain information into your tax return by the ATO using the data supplied by companies that must report such information to the ATO. For example, bank interest and company dividends.

    I had been reading a lot recently about the ATO's fantastic new computer system that is able to match tax data reported by individuals or companies with what the real data should be, using sophisticated cross-checking features that utilises data from many sources such as from banks and government agencies. Apparently it has led to a huge increase in detection of incorrect submissions.

    I decided to use it for the first time this year and was shocked, though in a way delighted, to find that it was utterly useless in my case in acquiring the external information. For instance, for my bank interest, it completely missed about 8 of my 10 or so accounts, and in particular missed the accounts that I use specifically for earning interest (online savings). All my accounts have my tax file number. For dividends, it again missed about 80% of the dividends I received. It was so inaccurate that it was easier to turn the feature off and manually enter than correct the mistakes.

  2. #2
    The Contrarian Averager So_Cynical's Avatar
    Join Date
    Aug 2007
    Sydney - Muntinlupa

    Default Re: eTax Pre-Filling

    I used it last year for the first time and it picked up almost everything, i did wait until late September to lodge as i figured it was best to wait a while for all the info to make it into the ATO's system...from memory it picked up all the dividends and distributions bar 1

    This year im also going to wait until Late September.
    Statistics: 172 Closed Trades since July 07, Trades: Winners 135 - Losers 37, Expectancy/$1 Risked: $0.78

  3. #3

    Join Date
    Jan 2009
    sunshine coast

    Default Re: eTax Pre-Filling

    It gets more accurate the later you use it. Have to remember that the information is supplied by the companies, so there is a timelag before all the info is in the system, with some companies being slower than others.

  4. #4

    Default Re: eTax Pre-Filling

    I use it.

    As a starting point, it's important to know what the ATO knows.

  5. #5

    Default Re: eTax Pre-Filling

    Quote Originally Posted by drsmith View Post
    As a starting point, it's important to know what the ATO knows.

  6. #6

    Default Re: eTax Pre-Filling

    I lodged mine in mid-July and it picked up my bank interest and only one of the companies that paid me a dividend.

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