While searching through files and receipts may not be exciting, being prepared before June 30 can save you a lot of time, stress and potentially, money.
Following these simple guidelines will assist with your tax time preparations, and avoid the dreaded audit.
Now that you can have all your receipts and documents in one place, it’s time to get organised:
You will need to provide your accountant with your tax file number and bank details (BSB and account number) to receive any refund owed. If you’re completing your own tax return, you will need your Medicare card or number, if you wish to pre-fill your medical expenses.
Your income: remember your PAYG Summaries from all jobs worked within the last financial year, government allowances and details of any other income (interest, business income, rental property income), etc.
Expenses: There are plenty of expenses you can claim on your tax return, such as charity donations, work and motor vehicle related expenses, investment expenses and even last year’s accountant fees. For a full checklist, visit the Australian Taxation Office’s website at www.ato.gov.au for more information on what you can and can’t claim.
Using a trusted accountant is one of the best ways to maximise your tax return. Lifestyle Queensland have found some of the best in the Ipswich area – why not make some enquiries today?