How to make sure you can save your tax bill
The best way to protect yourself from tax fraud is to do everything you can to reduce the risk of the transaction occurring.
It’s no wonder why a new survey by the Australian Taxation Office found almost half of people feel they’ve been victims of tax fraud.
Here’s how you can make sure your savings account remains safe.
How do I avoid tax fraud?
Avoiding tax fraud can be difficult.
The main risk comes from your financial circumstances.
If you’re over 65, it’s unlikely you’ll pay a tax bill for the year.
If your tax filing status is different, you may have to pay tax for the previous year.
Your employer may also apply a levy on your earnings, even if you don’t have an employer-related business.
In most cases, you’ll need to keep track of your income from the start of the year to the end of the next year.
Some people may have their personal information and/or tax returns sent to the IRS to be scrutinised.
But in most cases the tax will be paid in the following year.
You should also be able to track your savings to ensure it’s accurate and accurate deductions are made.
If possible, consider whether you can access your tax details through a company, such as a bank.
Some companies will let you know when your information is in their system.
You can also check your tax file number (TFN) if you have one.
If it’s a business, check if the company has access to your account information and whether there’s an option to transfer your account to a different financial institution.
If so, ask for it.
What if I do lose my tax information?
There are ways to protect your account if you lose your tax information.
These include: transferring your money to a new address to avoid having your TFN removed from the system