Tax time is coming… dun duN DUNNN! Do those words send a shiver down your spine? Stop worrying, we’re here to help. Although we like to take most of the work and all of the stress off you when it comes to tax returns, there are a few things to keep in mind throughout the year to make this period as easy as possible for everyone involved:
Top 10 Tax Tips
1. Get educated: you don’t need to know the nitty gritty, that’s our job, but having a basic understanding of what you can claim, especially relevant to your industry will make sure you’re aware year round so you can keep track of spending and receipts.
2. Keep your receipts organised! Go to Kikki K. Palm it off your partner. Whatever works – just make it habitual and the pain of receipt hunting and categorising will evaporate.
3. Think about salary sacrificing. Have you reached the limit of super contributions this year? If not, consider topping up your fund.
4. Pay deductible expenses as close to June 30 as possible to minimize cash flow impact.
5. Cover your arse… if you’re claiming items such as personal technology (for instance your phone or computer), or work-related travel, you need to be able to justify it and have your receipts ready.
6. Collate your pay slips and/ or invoices. You’ll need a group certificate (PAYG Payment summary) from every employer you’ve had in the previous year.
7. Feeling charitable? Time to donate. Anything over $2 is tax deductable – good for the tax return & good for the karma.
8. Health insurance, have you got it? If you’re a high-income earner (over $90,000 single or $180,000 family) and aren’t covered, it’s time to reconsider. You’ll avoid the Medicare levy surcharge.
9. Do you work outside? You can claim for sun protection including sunscreen and hats… yes you can get those new sunnies you’ve been eyeing off.
10. Don’t prepare your own tax return, you WILL miss opportunities to claim deductions and our fees are also tax-deductible – everyone wins!
Did that help clear some things up for you? Please feel free to ‘Get in touch’ with any other tax questions you may have.