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It’s time to lodge your tax return

Date: 21 July 2016

As the new financial year commences consider getting in early with your 2015-16 tax return information so you can lodge this sooner rather than later.

A reminder of documents you may need to compile to complete your tax return:

  • Payment Summaries from your employer and Department of Human Services;
  • Interest & dividend statements;
  • Annual tax statements & summaries from trusts and managed funds;
  • Rental income summaries & expense claims;
  • Receipts for eligible deductions;
  • Annual statement from your health insurance provider.

What eligible deductions can you claim? Have you considered:

  • Vehicle & travel expenses directly related to your work;
  • Uniform & laundry expenses;
  • Home office expenses if you work from home;
  • Tools, equipment or other assets you have bought to help earn your income;
  • Self-education expenses if your study is work-related including course fees, textbooks, stationery etc.;
  • Union fees and subscriptions;
  • Gifts & donations; or
  • Income protection insurance premiums?

When claiming deductions ensure you have appropriate evidence and records to substantiate your claim including receipts, travel diary for travel claims and a motor vehicle log book. If you have any questions about what you may or may not be able to claim please contact us.

 

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To discuss with one of our estate planning experts. Start by emailing us at enquiries@rm.net.au

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