9 Easy tips to make doing your tax return easier

It’s the end of the financial year, which means it’s tax return time!  With a little understanding and preparation you can ensure you get the best tax refund.

If you are planning on saving money by completing your own tax return you may miss out; our tax system is one of the most complex in the world and with the insight and training that tax accountants have, they will know everything you are entitled to claim to maximise your refund.  We can help make doing your tax return easier with these 9 top tips.

    1. Know your dates

      If you plan to lodge your own tax return then you need to have it submitted by 31st October 2015.  However, if you are lodging via a tax accountant you get extra time to prepare and lodge.

    2. Gather up all your receipts

      Make sure you can track down all your business expenses and receipts.  These should be kept for 5 years after you have lodged your tax return just in case you are audited by the ATO.  If you know you have made purchases but can’t find your receipts, don’t worry too much – you can claim for certain purchases up to $300.

    3. Don’t forget about charitable donations, either regular or one-off

      All charitable donations are tax deductible so keep your receipts.  If you donate via your bank account on a regular basis, print a copy of your statement as evidence of your donations.

    4. Can I claim my rental property costs?

      If you own a rental property there are a number of deductions you can claim, so it’s a good idea to speak to a professional to ensure you are claiming everything you are entitled to.

    5. Do you owe capital gains tax for properties that you have sold?

      If you have sold any investment properties during the financial year, whether for a profit or loss, make sure you include full details in your tax return.  Your accountant will calculate if you have a tax debt to pay.

    6. Interest on savings in your bank account/s is taxable

      Interest earned on savings needs to be included in your tax return, so print your statement/s as evidence of this.

    7. Make sure you claim for interest on any loans

      If you have taken out loans for business assets (i.e. vehicles), the interest is tax deductible so make sure you include all your loan information in your tax return.  Also, with the changes made in the budget, businesses can claim for purchases up to $20k in one lump sum.

    8. Marketing expenses are all tax deductible

      If you have been promoting your business collect together all your receipts to substantiate your claim.

    9. Claim for training courses and supporting material

      If you have paid for training courses, books etc to improve your skills, these items are tax deductible so make sure you include them in your tax return.

If you would like us to help make doing your tax return easier and to ensure that you get the maximum tax refund, then speak to us today.  With our in-depth understanding of our Australian tax system we can ensure you don’t miss out on a cent.  Call us today on 9204 3733 or fill in the form below.