Are you getting ready to see your accountant for tax time?

Here’s a few handy tips to make your life easier, as well as mine!

Despite the fact we are all moving toward a paperless environment, with cloud technology, mobile phone aps and online lodgement of tax returns you still need a far bit of paperwork when you attend your appointment with the accountant.

Firstly you need to provide all payment summaries, or group certificates as they were previously known. Most companies and businesses are now providing this digitally, so either make an effort to print these out, or email them to your accountant prior to your appointment. You also need to report on all interest income you have received, therefore you need to show bank statements, or a year-end summary from all bank accounts showing the interest earned. Convenience of internet banking, or mobile banking has made this a lot easier.  Other types of income include foreign pensions, share dividends, or family assistance. Check with your accountant if you aren’t sure.

For claiming deductions you may need to have a diary, a log book, or receipts of expenses you have paid for. This might include receipts for donations made, remembering that only donations to charities are tax deductible.  Don’t forget to include the cost of your accountant last year, especially if you have changed accountants.

It’s always handy to take a copy of the previous year’s returns for your accountant to check what was claimed last year.

You will also need to take bank account details, as the ATO will no longer provide tax refunds as cheques, only deposits into bank account.

If you would like to get ready for tax time with us call Amy on 02 4648 0431.

Disclaimer – Please note this information is for general use only and does not take into consideration each individuals circumstances. Please see your accountant for specific advice in relation to the above article.  

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