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Doing your Tax Return
You will need to lodge a return if you have earned more then the tax free threshold of $6000 in the last financial year or have had tax withheld from your wages.
Ok we are into July and most of you should be ready to lodge your Tax return if you have not already done so. Remember the sooner you lodge your return the sooner you receive your Refund cheque.
There are several way that an individual can lodge a tax return
- Via a tax agent or Accountant,
- The telephone (for a short tax return only)
- Australian Tax Office’s e-tax Internet system
- Using the TaxPack which you received in the mail or can be purchased for most newsagents
Hiring a tax agent or accountant is going to cost somewhere between $95 and $200 depending on the complexities of your return, but if you are unsure of what you are able to claim this is the way to go and their Frees are Tax Deductable.
On the other hand the tax office’s lodgment options are free via their website where you will get full instructions on how to lodge your return. www.ato.gov.au
Hopefully you have kept all your records throughout the year and have everything up to date but if not you really should download
Personal Tax Record Keeper for future years —
You will need all the records of your income details including wages and income from any investment you may have.
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For Example:–
- Group certificate/s
- Bank statements
- Dividend notices
- Interest payments
- Rental income
- Capital gains on property or investments
- Work allowances
- Fringe benefits you receive from your employer
- Distributions from managed funds
- Income from Family Trust
- Receipts of any Cash Prizes you have won
- An cash gifts you have received
Next you need to collect records of your Expenses
- Work-related expenses :– telephone, petrol, cars, uniforms, education-related books
- Self-education expenses
- Travel expenses if associated with work
- Gifts and donations you have made to charity over $2.00
- Depreciation in asset values
- Depreciation if investment Property & Vehicles
- Accountant Fees
- Payments into your Superannuation
- Union fees if Applicable
- Private health insurance contributions
A full list can be found on the Government Website.
New changes have seen the Australian Tax Office recognize your credit card or bank statements as receipts so it is not so bad if you have misplaced some.
You are allowed $300 worth of expenses without written evidence and you can only claim work related expenses that your employer has not already reimbursed you for.
When you have finished with your tax for this year file the return in a safe place as you could be required by the Taxation Office to reproduce it for up to a minimum of 5 years if your Returns come under scrutiny.