- Don’t wait around until the last minute to get organised – start right now... well, at least after you’ve read this article.
- Maintain detailed records so you can claim every expense you’re entitled to, big or small.
- Time is money, so have all the necessary information — like your group certificate, bank statements, receipts and log books — readily available. That’s especially important if you’re lodging your tax return through an accountant, so your visits are time- and cost-effective.
- Keep all relevant receipts, even the ones you’re not sure about.
- Pay off debts as soon as possible - you’re saving yourself from forking out extra interest and tax in the long run.
- Make a voluntary after-tax contribution to your superannuation and you may be eligible to receive a government co-contribution, especially if you’re a low-income earner.
- Pay any expenses that’ll attract a tax deduction before June 30. These include, for example, income protection premiums, subscriptions and any other work-related costs.
- Find out whether there are additional expenses you can claim for your specific occupation and industry, like car maintenance, stationery, self-education, donations and travel expenses.
- If you own an investment property, declare borrowing costs, body corporate fees, maintenance and repairs.
- Go to the Australian Taxation Office website (www.ato.gov.au) for handy information on what you can and cannot claim as a tax deduction.
- It’s accountants’ busiest time of the year, so don’t wait until the eleventh hour to make an appointment; book a few weeks (even months) in advance. Tax agents’ fees are deductible, as are related expenses — like travel to and from their office — so claim all costs associated with doing your tax.
- Don’t throw this stuff out after you’ve lodged your return, either. Keep it for five years in case you’re ever audited.
- Don’t procrastinate!
- Keep records.
- Have info at the ready.
- Keep all receipts.
- Pay off debt ASAP.
- Make a contribution to your super.
- Pay tax-deductible costs before June 30.
- Declare job-specific expenses.
- Make rental properties count.
- Trust the experts.
- Make appointments in advance.
- Claim tax agents’ fees.
- Be a hoarder!
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