It’s now a bit over a month into the new financial year and you may be thinking you're still not prepared for tax time. Don’t stress you’re not the only one who feels like tax time has just snuck up on you - the good news is, there's still time!
How long do I have to lodge my Tax Return?
It’s that time of year again, Tax Time!
It’s now a bit over a month into the new financial year and you may be thinking you're still not prepared for tax time. Don’t stress you’re not the only one who feels like tax time has just snuck up on you. The good news is that you still have time – in fact you have until the 31st October to lodge your tax return if you are completing it yourself.
If you lodge it through a registered tax agent [like us J ], you may have even longer, in some cases 15 May next year.
But be sure to contact your registered tax agent before 31st October to confirm the due date as failure to lodge penalties may apply.
So, how can you be more prepared?
Start to get your paperwork ready early.
The more information you can provide, the better the potential outcome (tax savings). But there are a few documents that are ‘musts’ – Identification, a copy of your last tax return, group certificate, any additional income statements, real estate documents and proof of expenses.
Know what expenses you can claim.
You’re entitled to claim deductions for some expenses, mainly those directly related to earning your income. Common deductions may include;
Work related expenses;
- Vehicle and travel expenses
- Laundry & dry-cleaning expenses
- Home office expenses
- Cost of managing tax affairs (accountant’s bill)
- Gifts & donations
- Personal super contributions
But remember, you must have a record to prove it!
To find out more information about the specific deductions for expenses that relate to your work, go to the Occupation and Industry specific guides on the ATO website as follows: https://www.ato.gov.au/Individuals/Income-and-deductions/Occupation-and-industry-specific-guides/
To make things even more simple, at Hailston + Co you can download our Individual Tax Return Checklist straight from the website so ensure you have all the required documents.
Still need help?
Get in contact – with offices in Camden and Wollongong we are always available to assist with your tax returns needs.