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Re: Income Tax 551 - What Is It? Concern?

Newbie

Views 6101

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

Most helpful response

Dynamo

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

Most helpful response

Dynamo

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.