| Don't get caught unprepared at tax time. We've | | | | outside of travelling from your home to your |
| all known that the end of the financial year is at | | | | regular place or business, or to a second job, then |
| the same time every year, yet many people | | | | you may also be able to claim on some of your |
| seem really surprised that it's upon them again. | | | | fuel costs. You may need to have kept a |
| This year, take a little time to prepare yourself | | | | log-book verifying the kilometres you travelled. |
| for tax time and you'll find it much easier. | | | | Don't forget to include any personal contributions |
| Besides, when you have all your documents in | | | | you might have made to your superannuation |
| order and add up all the receipts you have | | | | fund. |
| accurately, you can even reduce your | | | | The documents you put together showing the |
| accountancy costs a little. | | | | sale of any assets throughout the year, such as |
| Collating Your Income Paperwork | | | | shares or properties other than your own home, |
| Your first step should be to collate your income | | | | will need to be included here too. This will include |
| documentation. This means putting together all | | | | dividend reinvestment statements where you |
| your payment summaries from your employer | | | | received extra shares instead of dividends. |
| showing your salary, benefits, allowances and tax | | | | Other deductions that people often forget about |
| paid. You should also put together any other | | | | include income protection insurance and medical |
| documentation you have showing any other | | | | expenses- make sure you take all of this info to |
| income earned. | | | | your accountant. |
| This can mean Centrelink benefits or any | | | | Quick Calculations |
| statements you have showing income earned | | | | It might be wise to spend a bit of time adding up |
| from interest on savings, dividends earned from | | | | the totals of the receipts and statements you've |
| share holdings or rental income received from | | | | gathered. While this might seem like a tedious |
| investment properties. | | | | chore, the more you can do to make it easier for |
| If you sold an investment property or any shares | | | | your accountant, the more streamlined the |
| throughout the financial year, you'll need to include | | | | process of preparing your tax return can be. |
| documents verifying these too. | | | | If you don't have specific accounting software, it's |
| People often forget about foreign pensions and | | | | very easy to create a simple system using a |
| other income outside of Australia- make sure that | | | | basic spreadsheet. Simply put each individual |
| you include ALL income- even that from | | | | expense and income amount into a different |
| overseas. | | | | column and add up the total within each column. |
| Gathering Your Deductible Expenses | | | | Preparing for tax time doesn't need to be difficult, |
| Put together any receipts for deductible items | | | | but it pays to be sure you have everything you |
| you paid for. This includes any eligible expenses | | | | need. You'll be able to get far more done with one |
| you paid for work or study, any payments you | | | | simple appointment with your accountant or tax |
| might have made for private health insurance. | | | | agent rather than having to contact them over |
| If you use your car for work related travel | | | | and over again with extra information. |