Tax Time with Verve Money
by Verve
A little tax time admin now will make the process a lot smoother down the line. So, let’s get into it.
Here’s what you need to know from us
We’ll create a tax statement for you, and send you an email when it’s available in your account.
To access your statement:
- Log in to your account
- Click on the ‘Profile’ page of your dashboard
- Select from the dropdown menu
- View or download the statement
Timelines
Add your TFN now!
Adding your TFN to your Verve Money App makes admin easier come tax time. This also ensures you’re not unnecessarily taxed at the highest rate. It only takes a minute.
How do I add my TFN?
- Login to the Verve Money App
- Head to Profile > My account details > and fill in your Tax File Number (TFN).
Heads up, providing your TFN in-app and not through email is an easy way to keep your personal information secure.
How do I find my TFN?
- Log into your myGov account
- Head to Australian Taxation Office > Find my TFN
Don’t have a myGov account?
If you don’t have a myGov account, you can usually find your TFN on your Income Tax Notice of Assessment (NOA) if you have lodged a tax return, or a payment summary or income statement provided by your employer.
Note: You are not required to provide us with your TFN. However, if you do not provide your TFN we may be required to deduct tax from your investment at the top marginal rate, plus levies, on gross payments including distributions of income. You may be able to claim a credit in your tax return for any TFN tax withheld. Collection of TFNs is permitted under taxation and privacy legislation.
July 1, 2023: You can submit your FY23 tax return to the ATO from this date
Early October 2023: Your Annual Statement and Distribution Statement becomes available in the Verve Money App. To complete your tax return, you must provide the ATO with information about your investment account with Verve Money. We’ll provide you with the information that you need.
We’ll notify you when your Annual Statement is available to download.
- Attribution MIT Member Annual Statement (AMMA): The AMMA statement will provide you with all of the information you’ll need to provide to the ATO on your tax return.
- Distribution Statement: This statement includes information about any distributions that have been reinvested into your Verve Money account on your behalf during the financial year.
Have more tax questions? Email hello@vervemoney.com.au; we are here to help!
This article is published by Verve Money Pty Ltd (ABN 71 653 669 366, AFS Representative No. 001294184), a Corporate Authorised Representative of True Oak Investments Ltd (ABN 81 002 558 956; AFSL 238184), as the Manager of Verve Money. A friendly reminder that all the financial information contained in this article is general in nature and does not take into account your personal financial objectives, situation or needs. It’s important to do your own research and consider getting in touch with a professional adviser to access specific information tailored to your unique situation.
You should read the Product Disclosure Statement, Investment Guide, Target Market Determination and Financial Services Guide before making a decision to acquire, hold, or continue to hold, an interest in the Verve Money Fund. Visit www.vervemoney.com.au/documents to view these documents.
Interests in the Verve Money Fund (ARSN 662 622 899) are issued by Melbourne Securities Corporation Limited (ACN 160 326 545, AFSL 428289). When considering financial returns, return of capital is not guaranteed and past performance is not indicative of future performance.
