The end of June is getting closer, and with that comes the end of financial year.
So you will more than likely need to lodge a tax return at some stage over the next few months. It is also a good opportunity to get your finances in order for the year ahead.
Here are four things you can do now to get ready for end of financial year.
1. Know what you will need for your tax return
Avoid any last minute hassle by finding out which documents and information you’ll need before hand – so when it comes to gather everything you are already sorted. This includes things like receipts if you’re claiming deductions, your payment summary from your employer, your car log book and records of interest earned on your bank accounts.
2. Decide how you are going to lodge your tax return
Do some research into the different options as there are a few different ways to lodge your tax return, the one you choose will depend on your circumstances. Some of the options include:
myTax – For most individuals with simple to complex tax affairs. This option caters for basic wage earners with no additional claims to more complex situations including investment properties or share portfolios.
e-tax – This used to be an option for people with more complex tax affairs but this year they have merged everyone to use the myTax system
Via a registered tax agent or accountant – For people who want to save time by having their tax return filled in for them, and can afford the agent’s fee
Via the ATO’s Tax Help Program- For people on a low income who need help completing their tax return.
3. Research what deductions you are entitled to before end of financial year
Tax deductions can include all kinds of work expenses like training, cleaning a uniform, tools or even meals. Have a look through the full list of potential deductions to see what relates to you and your work situation.
Certain industries are eligible for additional industry specific deductions, so make sure you also check what your industry is entitled to claim. Check your industry deductions here.
4. Get your finances in shape for the year ahead
Lodging your tax return gives you a great insight into how you are tracking financially. Not only will you have a record of your total income for the year, you will probably have spent some time reviewing your spending if you’ve been looking for deductibles. Use that information to create a budget and start to think about your savings goals for the coming year.
Stay tuned for our tips for successful saving and remember if you need help on end of financial year investment deductions, taxes or anything financial – Chris can give you the advice you need… he knows stuff 🙂
email firstname.lastname@example.org or call Chris direct on 0434 449 455