Ubank reported 13 months interest to ATO.
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Hey @sirlancelot,
If you find a discrepancy with any information that's pre-filled on your tax return the first thing, we'd recommend doing is contacting the bank and confirming the information with them. If it's incorrect they'll need to amend the information and send it to us.
If you believe the information is incorrect and it doesn't match your records, you can edit the prefill information. However, it is still important that you contact the bank and have them resolve any discrepancies before you lodge your tax return. This is to make sure our records are accurate.
You can also read more about changing pre-filled interest records on our website.
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Hey @sirlancelot,
If you find a discrepancy with any information that's pre-filled on your tax return the first thing, we'd recommend doing is contacting the bank and confirming the information with them. If it's incorrect they'll need to amend the information and send it to us.
If you believe the information is incorrect and it doesn't match your records, you can edit the prefill information. However, it is still important that you contact the bank and have them resolve any discrepancies before you lodge your tax return. This is to make sure our records are accurate.
You can also read more about changing pre-filled interest records on our website.
Case Number: [removed by moderator]
We have received your active concerns and hope to provide insight as to the process for the over-reported income;
- Original ubank – Since the bonus interest is now paid the day after (the 1st of the month) this means the June bonus interest is paid on your account in the following financial year (FY22/23)
- Current ubank – bonus interest is paid in one allotment and paid during the month it is earned. Therefore June bonus interest paid for FY23 will be paid during the same financial year (FY22/23)
Hi Anita. This is the response from Ubank. They simply do not wish to address the matter but are happy to close the file. My daughter has emailed them again today but has little hope of resolution for the 2022-23 financial year. We do not believe this to be an isolated case.
Kind regards Lance
We do understand that you are concerned about the lack of resolution this financial year, but we are unfortunately unable resolve this issue as we are firm in the belief that the issue will be resolved next year. As you have stated, this may not be the satisfactory outcome you have requested. If you would like to dispute this matter further, please reach out to AFCA for further assistance. The contact details have been listed below. We will now be resolving this complaint.
Hi @sirlancelot,
Many thanks for the effort you've taken to try and resolve this.
We understand that third parties don't always get it right. Therefore, we give you the option to change pre-fill information. Keep in mind, when you sign off on your tax return, you'll be telling us the information is true and correct. AnitaATO provided some great information and links.
When we process tax returns, we cross reference information with third parties such as banks. If the information you've provided doesn't match, we might ask you to provide supporting documentation. This'll give you an opportunity to let us know what's happened.
Yes my husband and I have this issue as well. We have received amended NOAs today from the ATO increasing our tax bills. We contacted uBank at the time of preparing our returns and asked them to send a Statement of Interest as they had done in previous years. They advised they were unable to do so due to them migrating to the new system. Thus we had to prepare spreadsheets (from letters! in the case of term deposits that rolled over) with all the interest received. Our situation is further complicated by the fact that as we are currently based overseas so there is withholding tax implications.
It is simply not acceptable that uBank can wash their hands of this matter and the ATO in turn push it back to the taxpayer. The onus is on uBank to provide correct information to the ATO.
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