Tax Time 2018
It's nearly that time of the year again - TAX TIME - and hard to believe that a year has passed already. You are probably looking at your Group Certificate and wondering "where has all that money gone?", so to help you get started here are some "tax tips"
Tax time, and the first question is ? do you need to lodge a tax return. If a government pension
is your only income or your income is less than $6,000 a year, you probably don't.
Did you know? Fees paid to a registered tax agent to complete your tax return are deductible and
if you register with a tax agent prior to 31st October, there is an extension of time for your
return to be lodged which can get you and extension to May the following year.
Confused about tax deductions for work related expenses? Up to $300 can be claimed
without receipts. However, the claims must be for items necessary for your work. Car expenses
are not included in the $300.
You might be able to claim self education expenses if you are taking a course of study
directly related to your work. The first $250 of the total of self education is not deductible and
you cannot claim Higher Eduction Contributions.
Remember when you fill out that tax return, make sure that you declare all interest and other
income from investments. The tax office had a data matching system and can track interest so even the smallest amounts must be declared. Check your statements and passbooks for amounts, and if in doubt check with your bank.
Expenses relating to your work, such as the cost of tools of trade, professional, industry or trade
journals or union or professional association subscriptions are allowed as deductions provided
they relate solely to your employment.
Businesses, large and small, should act now to gather the many financial details needed for
annual taxation returns. To help business through the year end tax maze, remember to
systematically check the following areas and gather all of the relevant details and material before
seeing your accountant, e.g. Records, Stock, Debtors, Creditors, Other Income, Other Expenses,
Loans, Leases and Assets.
Being prepared not only saves you time, but more importantly money.
If you wish to take the stress out of preparing your tax return or just need some professional advice call the team at Kevin P Scambler & Associates on 5452 7205.
Kevin P Scambler & Associates