CBA offers online deposit box for tax-time documentations
(10 August 2012 – Australia) A study released this week by Commonwealth Bank of Australia (CBA) shows the average Australian taxpayer could be missing out on over A$1000 due to lost receipts, which could total A$7.3 billion annually.
The study of more than 1,000 Australians reveals it’s largely receipts for everyday expenses we’re most prone to misplacing. Topping the list of Australian taxpayer’s most lost receipts are: stationary and office equipment (25 percent); closely followed by fuel (24 percent) and parking (24 percent); and other receipts Australians are most likely to lose include tolls (15 percent), travel (14 percent) and internet usage (11 percent).
With many Australians becoming increasingly frustrated with the annual search for receipts and supporting documentation, Commonwealth Bank has developed a revolutionary new online virtual safety deposit box – NetBank Vault.
In an Australian banking first, the new online virtual safety deposit box allows customers to save important documents such as pay slips, scanned copies of passports/drivers licences and receipts in their online bank account, backed with the greatest online security.
According to CBA’s Drew Unsworth, general manager of Online Banking, NetBank Vault offers Australians a secure place online to store receipts and supporting documentation needed for tax returns.
"Our research shows that millions of Australians may be missing out on large sums of money because they simply can’t find receipts at tax time.
"We live in a virtual world, so searching through reams of paper every year does not make sense. What’s more, with many everyday expenses now being created online, the need to keep piles of paper receipts is slowly disappearing," said Unsworth.
"Even for the most organised people who make the effort to keep hard copies filed, there’s always the possibility that receipts will get misplaced or lost.
"By having a virtual copy in an online hub you trust, you not only have access to your receipts anytime and anywhere, but it’s also much easier to find what you are looking for at tax time – potentially saving Australians thousands of dollars, not to mention valuable time, every year."
With many Australians becoming increasingly frustrated with the annual search for receipts and supporting documentation, Commonwealth Bank has developed a revolutionary new online virtual safety deposit box – NetBank Vault.
In an Australian banking first, the new online virtual safety deposit box allows customers to save important documents such as pay slips, scanned copies of passports/drivers licences and receipts in their online bank account, backed with the greatest online security.
According to CBA’s Drew Unsworth, general manager of Online Banking, NetBank Vault offers Australians a secure place online to store receipts and supporting documentation needed for tax returns.
"Our research shows that millions of Australians may be missing out on large sums of money because they simply can’t find receipts at tax time.
"We live in a virtual world, so searching through reams of paper every year does not make sense. What’s more, with many everyday expenses now being created online, the need to keep piles of paper receipts is slowly disappearing," said Unsworth.
"Even for the most organised people who make the effort to keep hard copies filed, there’s always the possibility that receipts will get misplaced or lost.
"By having a virtual copy in an online hub you trust, you not only have access to your receipts anytime and anywhere, but it’s also much easier to find what you are looking for at tax time – potentially saving Australians thousands of dollars, not to mention valuable time, every year."
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