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TAX TIME TIPS

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End of financial year is approaching fast. Now is a great time to get prepared to make tax time less stressful.

Everyone will have different things to consider. The 2 most common are:

INCOME

·         You should receive a payment summary or group certificate from your employer which shows how much you earned and paid tax in the past financial year.

·         Bank statements from your Banking institution will show any interest you may have earned.

·         Dividends or capital gains earned from shares & managed funds.

DEDUCTIONS/EXPENSES

·         Items purchased for work (example a laptop bag for a work laptop).

·         Investment properties (depreciating assets and maintenance).

·         Brokerage for shares & costs involved in managing assets.

 

How to Lodge a Tax Return

What you will need:

·         Your Tax File Number (TFN)

·         Payment summary/Group Certificate

·         Interest Earned on your savings

·         Information on your investments

·         Medical expenses receipts

·         Any donations or contribution to charities

·         Work expenses- some may require a receipt

 

Lodging your tax return yourself or use an agent?

You can lodge a tax return yourself or get a registered tax agent to do it for you.

If you’re unsure of the Australian tax laws, have a complex tax situation or find paperwork overwhelming, an agent’s expertise may be invaluable. They may be able to get you a larger refund rather than doing it yourself.

If you choose to do your tax return yourself you can lodge it online using mytax. You will need a mygov account first in order to lodge it online.