Hot tips for individuals at EOFY Part 1

hot tipsIt’s nearly here…the moment lots of you look forward to all year…tax time!

Having said that, there are many who detest having to lodge a tax return, but at the moment it is an obligation you have to the government…so I figure you might as well embrace it, and get the most out of the process that you can!

Of course The Tax Chic is here to make it as easy for you as possible – how good is that?

In preparation, here are some hot tips for you to consider as the end of the year approaches:

  1. Where have you worked this year? Will you have more than one PAYG Payment Summary (Group Certificate) to collect?  If so, you might want to contact former or casual employers and ensure they have your correct mailing address so you receive your paperwork as soon as possible.
  2. How many bank accounts do you have? Make sure you’ve got all of those details handy so you can account for any interest received at 30th June.  While the Tax Agent Portal that I have access to can provide a lot of this information, it certainly doesn’t hurt for you to have this information also.
  3. What other investments do you have? Do you need to look up dividends or distributions received (most commercial investments have an area on their website you can access)? If you have a rental property, or more then one rental property, do you have all of the records for the year?
  4. Have a good think about your deductions? Find your records and collate the information in a succinct format.
  5. Don’t forget Centrelink – many payments received from Centrelink have taxation implications so be sure to log into your account and check your details.

Stay tuned for Part 2 later in the week…



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