It’s time to lodge your tax return

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.

 

Recent Articles

NSW Small Business COVID-19 Recovery Grant

03rd July 2020

The NSW Government is gradually lifting the restrictions on movement and business operations that were aimed at reducing the... Read More

MYOB announces major software update for Essentials: here's what you need to know

22nd June 2020

MYOB have officially announced an upgrade to MYOB Essentials, launching an additional upgrade to the accounting software called ‘new... Read More

Act before 7 September 2020 to qualify for super guarantee amnesty

09th June 2020

The Government's Super Guarantee amnesty legislation, the Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 received Royal Asset on... Read More

COVID-19: New regulations allow video conferencing to be used to witness legal documents in NSW

29th April 2020

The Electronic Transactions Amendment (COVID-19 Witnessing of Documents) Regulation 2020 (NSW) came into effect on 22 April 2020. This... Read More