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

Annual reporting to the ATO of contractor payments

04th September 2018

The taxable payments reporting system (TPRS) requires businesses to report to the ATO all payments made to contractors during... Read More

Drought Assistance Information

10th August 2018

Farmers are facing some of the worst drought conditions ever experienced, with the Government confirming 100 per cent of... Read More

Protecting you and your family

19th July 2018

Insuring your car, home or other possessions makes sense. So why do so few of us insure ourselves? If... Read More

Downsizer Contributions

14th June 2018

From 1 July 2018 the new ‘downsizing’ into superannuation rule will be able to be used. For those that... Read More