Get ready for tax!
All too soon the end of the financial year will be upon us so here are a few things you can do to get your information ready.
Deductions
- gather together – receipts for work related expenses including equipment purchases
- details of the number of hours worked from home (if applicable)
- donations
Capital Gains
If you have sold property or shares – details of the sale and the original purchase. It is critical that the documents show the date the contracts were signed as these are the dates the ATO require.
Rental properties
- annual statements from estate agents
- invoices and receipts for deductions for utilities, rates, mortgage interest
- invoices and receipts for major repairs/maintenance
- land tax statement
Personal Superannuation Contributions
- ensure you have received an acknowledgement from your Super Fund of the amount of contribution made.
However, it is important not to rush as collection of data by the ATO from employers, banks, health insurers and share registries to enable prefilling of the tax return is usually not finalised until late July.
Waiting till later in the month decreases the chance that an amendment may be required.
Should you have any questions, please contact our office.