The end of the financial year is fast approaching, and it's time to get your financial affairs in order. As June 30 draws near, preparing for your personal tax return becomes essential. To help you navigate this process smoothly, we've compiled a handy guide with tips on what you need to have ready. Let's dive in and ensure a stress-free tax season!
Organise Your Documentation
Gather all the necessary paperwork to support your tax deductions and income records. This includes your bank statements, rental property records, dividend statements, and any other relevant financial documents. Having these organised and easily accessible will save you time and effort when completing your tax return.
Review and Pre-fill Your Information
The Australian Taxation Office (ATO) pre-fills some information in your tax return, such as salary and wage details, interest income, and government benefits received. Check the accuracy of this information and make any necessary adjustments. By using pre-filled data, you can minimise errors and ensure the completeness of your tax return. You can check your pre-filling information through your myGov account.
Explore Deduction Opportunities
Take advantage of eligible deductions to reduce your taxable income. Common deductions include work-related expenses (e.g., uniforms, professional development), self-education expenses and charitable donations. Keep receipts and supporting documentation for these expenses to substantiate your claims.
Consider Superannuation Contributions
Boost your retirement savings while potentially reducing your tax liability by making additional concessional (before-tax) or non-concessional (after-tax) contributions to your superannuation fund. Consult with a financial advisor to determine the best strategy for your circumstances.
Seek Professional Guidance
If you have complex financial circumstances or are unsure about specific tax matters, consulting a qualified tax professional can provide valuable insights and ensure compliance with relevant regulations. They can assist in maximising your deductions, optimising your tax position, and navigating any changes in tax laws.