With fun things like international travel back on the agenda, you’ll want to make sure you get the most out of your tax this year.
Here are our top tips for your end of financial year preparation.
Pre-tax time checklist:
1. Gather all your documents in one place
The more organised you are, the easier tax time will be. Put together all the documents your accountant may need. We’re talking everything from private health insurance information to rental income statements.
Nowadays, the best way to store receipts is electronically. If you haven’t already been digitising your receipts, consider doing this next financial year. There are loads of apps that will make your life easier.
2. Tally up your allowable deductions
You may be able to claim a range of deductions on your tax return. Get across these by checking out the ATO website.
If you’ve been working from home, be sure to check out what home expenses are claimable.
If you own an investment property, you may be able to claim expenses such as advertising for tenants, council rates, water charges, maintenance and loads more. For more info, refer to the ATO website.
3. Determine your assessable income
Assessable income can come from many sources. Examples include salary and wages, allowances, interest from bank accounts, dividends and other income from investments, bonuses and overtime payments, commissions, pensions and rent.
4. Book in with your accountant
This is the busiest time of year for tax accountants, so book in early.
5. Review your finances and plan for the year ahead
Now that you’re in the nitty gritty of going through your finances, it’s a good time to plan for the year ahead.
Maybe you’d like to start a savings plan using an offset account or redraw facility for a big-ticket purchase like an investment property?
Perhaps you could tackle your debt or use your equity to build your investment property portfolio.
Whatever your goals, we are here to help you achieve them. Get in touch today.