HOW TO GET READY FOR TAX TIME

Here are some tips to make tax time a smoother process:

Get your evidence organised:

• Bank statements
• Tax deductible expense receipts
• Income Protection Insurance
• Credit card statements
• Rental income statements
• Investment property expenses (rates, water, agent fees; repairs)
• Dividend Statements
• Medical Insurance

Categorise your evidence

Sorting your statements and receipts etc. into categories can make it a little easier, you can start with:

• Expenses (work related - travel, computer, telephone, internet, further education; donations; equipment purchases; investment property expenses)
• Income (Rental Agent Statements; Dividend Statements; Bank or Investment Interest Statements; PAYG Payment Summary (received by 14 July)

Submit your evidence to your Accountant

Most accountants have an extended due date for lodging your tax returns, but don't forget you are not their only client!  Get your data to your accountant so they have plenty of time to process it.

If you are a MCKFS Total Service Client you won't need to worry - we'll do all this for you!  

Contact us if you need any assistance.