Announcements
Looking for information on the JobKeeper extension? Watch the video in our latest news article.

ATO Community

Income Tax 551 - What Is It? Concern?

Highlighted

Newbie

Views 79

Replies 1

Hi,

 

First time tax lodger. I was looking at the ATO's videos (here: https://www.ato.gov.au/Individuals/Lodging-your-tax-return/Lodge-online/#Morehowtovideos) when I saw this thing called Income Tax 551. I'm not sure what this is exactly, but from what I saw it looks like I need to provide my bank account details? I'm slightly confused and concerned as to what providing these details mean? Is the bank account I provide going to be audited and scrutinised? Or is it subject to some other testing and verification? Or is its purpose trivial? Or does it serve some other purpose?

1 ACCEPTED SOLUTION

Accepted Solutions
Highlighted

Most helpful response

Enthusiast

Replies 0

Hi @RadicalOne 

 

The "Income Tax 551" is your personal tax account where the ATO processes your tax returns. When its asking you to provide your bank details for this account. Its for any refunds or returns you might recieve when you complete your tax return.

1 REPLY 1
Highlighted

Most helpful response

Enthusiast

Replies 0

Hi @RadicalOne 

 

The "Income Tax 551" is your personal tax account where the ATO processes your tax returns. When its asking you to provide your bank details for this account. Its for any refunds or returns you might recieve when you complete your tax return.