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.
