There are exactly three weeks to go before we hit the end of the month, or … end of financial year. Before you run and take cover in your warm bed and procrastinate about how fast 2016 has gone (and is going), we tell you our four tips to prepare, and get ready, for tax return time.
1 – Do you know what you need for your tax return?
Rather than gather all your documentation last minute, avoid the stress by knowing exactly what you need right now. That’s right, start thinking and organising items like your payment summary from your current (do you have one or two jobs?) or ex-employer (if worked during the current financial year); receipts if you’re claiming deductions and records of all your interest earned. Click here to head to the ATO’s website for a full list of what you’ll need to get started.
2 – Do you know what deductions you can claim for?
Items like work expenses, training for work and the cost of cleaning your work uniform are all tax-deductible. Click here to view a list of potential deductions that you can claim for, and then perhaps setup a spreadsheet to track and itemise what deductibles are relevant to you.
If you’re wanting to know what deductibles are specific to the industry that you work in, click here.
3 – Do you know how to lodge your tax return?
As of 2016, MyTax has taken over and replaced e-tax. It can do everything e-tax was functionally able to do, plus more. It’s available to anybody who wants to complete their own income tax return and is device compatible (meaning you can even do it on your iPhone on the train to work one morning).
If MyTax is not for you, there is always the option to lodge via a registered tax agent, like an accountant. Ideally for those who wish to save time by having their tax return completed for them and are able to afford the agent’s fee.
4 – Are you ready to get your finances in shape for the year ahead?
Lodging your tax return will give you great insight into how you could be tracking for the financial year ahead. Being able to review your total income for the year, and what deductibles you’ve managed to claim for, will assist you with creating your own budget, thinking about savings, and tossing up which cruise or road trip is worth the spend during the Christmas period.
Now, you have until 31 October to do so.
To get your finances in shape for the year ahead give us a call on 1300 893 000 or send us an email at firstname.lastname@example.org to chat further.