Guide: Preparing Your Tax Returns
Are you ready for that time of the year?
According to the Australian Taxation Office (ATO), tax returns are to be lodged over the financial year, which begins on the 1st of July and ends on the 30th of June. The deadline for the lodgement of tax returns is the 31st of October. If one is unable to complete one’s lodgement on time, the ATO recommends that you contact them immediately.
However, another option is available - the use of a registered tax agent. They are able to work special lodgement schedules so if you are able to contact one before the 31st of October, they will be able to lodge your returns later than the usual deadline. If you feel this is the choice for you, do not despair. As tax agents are used by 74% of Australians in order to avoid the tax season stress, you’re in good company (statistically).
If you are of the minority who chooses to lodge their tax returns without the aid of a registered tax agent, then we have provided a list for you that outlines the types of documents you will need! This is a general guideline only, and some of the requirements may not be needed in your case.
Copy of the previous year’s tax return
Record of sales and purchases dealing with shares, business, or property
Private health insurance details
Family details (spouse, children, etc.)
Income - this includes any income earned, pensions and government payments, bank interest statements, superannuation lump sum payments, etc.
Expenses - which consist of costs incurred earning income, investment expenses, rental property expenses, cost of managing tax affairs, and charitable donations exceeding $2, etc.
In addition to the above, the ATO will also require your bank account details (including your BSB and account number) as they no longer issue refunds by cheque.
And there you have it.
Here’s to a stress free tax season!