Preparing for the end of financial year Tax time is fast approaching; there is still time for you to get on top of your financial records. Here are some tips to get you ready for the end of financial year. > Set up your filing It’s a good idea to set up this file in advance of 1 July each year. If you haven’t been very organised this financial year set up a file to store all of your financial records as soon as possible. Remember, for auditing purposes you should keep written evidence of your tax return for five years from the date you lodge your tax return. There are some exceptions to this and you can visit the Tax Office’s website for more information. > Do your research Do you know what you can claim this financial year? Are you aware of government tax incentives on offer? If you own investment properties or a small business, do you know what you can prepay in this financial year? Tax returns can be complex but with a little research you’ll be on top of this in no time. Everyone wants to claim as much as possible when doing their tax return. To ensure you are claiming the correct expenses visit the Tax Office’s website where you’ll find a list of acceptable expenses for various industries. > Create a checklist for the documents you require Once you have sorted out your file and you’ve researched what you can claim, you need to start sourcing your financial documents. A number of documents will be provided to you throughout May/June so while you may not be able to obtain them now; it is worth creating a checklist to ensure you have all the documents required when the time comes. > Documents which may be on your list: • PAYG statement from your employer; • bank statements to show interest earned; • dividend statements for shares; • receipts for donations, medical expenses, work related expenses or your children’s school expenses; • private health insurance statement; and • a high education statement. If you would like any further information about preparing for the end of financial year or advice on your financial position please get in contact with us today.
Posted on: Thu, 06 Jun 2013 23:19:11 +0000
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