It’s almost that time of the year again when you are either excited about getting your tax done or fearing the tax man. We want to help you understand what information you need to get organised and make the process as smooth and pain-free as possible.
Documents you’ll need:
It’s finally time to go through that pile of paperwork you’ve been pushing to the side. All those detailed records we know you’ve been keeping will come in clutch for you… finally. The more records you’ve kept the more accurate you’re tax return will be. This means a bigger tax refund!
The amount of documents you need can be overwhelming. So we’ve put a list together of the documents your accountant might be expecting:
- PAYG Summaries from your employers
- Bank statements that show interest earned over the year
- Year-end summary report of your shares or managed fund investments
- Logbook for car expenses
- Receipts for work related expenses
- Home office expenses (Rates, levies, insurance, telephone, internet, interest paid on home loan)
- Last accounting fees invoice
- Donations receipts or end of financial year statement
- Income protection insurance invoice
- Private Health Fund Policy Statement
If you have an investment property:
Having an investment property can mean more paperwork at tax time. We hope you’ve been keeping all that paper in relation to your investment property as well. Have no fear, we’ve compiled a list of the documents you may want to find for that too!
The documents you may need are:
- Investment Property Income
- Property Agent statement
- Settlement statement
- Any other expenses incurred that do not appear on Property Agent Statement
It is important to note that if you as an individual earned over $90k this year or as a couple you and your partner have earned in excess of $180k then you will be subject to the Medicare Levy Surcharge. If you are over that threshold and you haven’t already done so, consider taking up private hospital cover with an approved health fund.
Tax time is also an important time to consider your investments. If you are considering selling any shares, managed funds or investment properties this financial year, consider what impact that might have on your taxable income. If you have earned income from your investments, they might bump you up into another tax bracket meaning you might have to pay more tax.
Have you been considering selling an investment that has been underperforming? This may be a good time to do so to reduce your overall tax bill.
If you need any other information to ensure you are ready to tackle tax time do not hesitate to contact your Rise High Broker or leave your details below!