The end of financial year is fast approaching. Now is a great time to prioritise preparing your 2017-18 tax return information. Getting ready now, ensures you have time to focus on the new financial year.
If you are a salary and wage earner, here are some tips to prepare:
- Start organising your tax records. Make sure you have details of all your income and expenses. Recent announcements by the ATO indicate that audit activity will be at an all time high. This emphasises the importance to keep receipts for all gifts, donations and work-related expenses. (See article 'The ATO is Watching You')
- If you have investments, you will need details of dividend payments and distributions from managed funds. If you have sold investments you will need records from the disposal, so gains or losses can be calculated.
- If you own a rental property you will need records confirming rental income earned, interest charged on money you borrowed for the rental property and invoices relating to other expenses relating to the property.
We hope these ideas will help you get everything on track in time for the end of financial year and be prepared for the financial year ahead.
If you would like to speak to one of our taxation specialists, please click here.