#Everyoneneedsaplan to be prepared at Tax Time

#Everyoneneedsaplan to be informed when completing their Tax Return. June 30 marked the end of the financial year and that means it is Tax Return Time.  If you are an employee, you should have received your PAYG Payment Summary from you employer.

The ATO has a list of important lodgement dates on their website https://www.ato.gov.au/business/yearly-reports-and-returns/due-dates-for-the-current-financial-year/dates-by-topic/income-tax/

Will you make the most of your tax deductions?

Do you know what you can claim?

Do you know the deadline for lodging your return?

Here are 3 top tips for making sure you claim the maximum amount of deductions you are entitled to

1.  Be prepared

• Make sure you have collected all your allowable receipts together
• Make sure your log book is up to date if you use your vehicle for work purposes
• Get copies of bank statements and credit card purchases as proof of purchase
• Tax return lodgement deadline is 31st October (an accountant may ask for an extension)
• The ATO website has further information on important dates - https://www.ato.gov.au/business/yearly-reports-and-returns/due-dates-for-the-current-financial-year/dates-by-topic/income-tax/

2.  Know what you can claim

• The ATO site has detailed information on what work deductions can be claimed.
• Some deductions can be claimed without a receipt so check with the ATO
• Read this before starting your tax return

3. Completing your Tax Return yourself Vs A Professional

The ATO has software which can be downloaded for you to complete your tax return.  This comes with detailed information, however before you decided to complete your tax return yourself think about what type of return you will have.  The ATO does audit tax returns so you need to make sure that what is lodged is accurate as you don't want to be subject to fines if you have provided incorrect information

You could complete your tax return online if:-

• Your return is straight forward with salaried income, bank interest and basic or no deductions
• You have completed online before

You should have your tax return completed by a professional if:-

• Your income includes more than your normal salaried income and bank interest.  Shares and Rental Property income can become very complicated
• You own a Rental Property - this year the ATO is taking a closer look at tax returns which include Rental Properties
• You have an ABN - whilst this can be done online it can become complicated if you aren't sure about depreciation etc

Don't get caught by the Tax Man!  If you aren't sure then consult a professional.

As with all financial planning or taxation matters, each person's circumstances are different, and therefore, you would need to discuss your requirements with a qualified professional such as a financial planner or accountant, before making any decision.

#Everyoneneedsaplan to be prepared at Tax Time.

If you want to be better prepared for next  financial year, contact us for a free financial assessment because #Everyoneneedsaplan to be prepared at Tax Time