5 top tips for tax time
Finer Details often help clients declutter paperwork, especially around tax time.
We thought for this blog we should ask a professional so here are some top tips from Muriel Oliver from Primarius Financial Accounting & Advisory.
We are constantly being asked how to not only maximise your tax return, but how to get it completed quicker.
Here are our 5 top tips for getting your tax completed fast, and making sure that you account for everything possible during the last year.
Remember, when in doubt of whether you need to provide us with something, or whether you can claim it, just ask & we’ll be happy to help.
- Get your info together early – it’s much easier to collect everything whilst it is fresh in your mind. Send us as much information as you can, its better for us to have too much info.
- Scan or photograph your receipts and keep them, that way you’ll be able to find them easily – better yet, send the scan or photo through to us at any time throughout the year, and we’ll hang on to them for you. For those of you using Xero for your business or trust accounts, there are also some great add-ons which can streamline this whole process.
- Provide details on any assets you have bought or sold for business or investment? We need to make sure that we include the profit or loss from any assets you’ve sold, but more importantly, make sure you’re not missing out on claiming any of the related depreciation, especially for lumpy assets such as real estate.
- Document the details of any deductions that are unusual or unique to your industry – this is called making a contemporaneous note
- If you received the private health offset in FY15 then scour your out of pocket medical expenses for FY16 as you will not qualify in future years if you don’t qualify this year. It’s now done on an elimination basis and once you’re out – you’re out.
On a side note, Primarius also offers a ‘fee from refund’ service which is great for those who might be a little bit tight on cash this tax season.
This service is available to any individual taxpayers who come to us to complete their tax return.
We can also review past years returns to ensure that nothing has been missed. Get in touch with us to find out more.
Muriel leads the Accounting and Taxation team at Primarius, having over thirty years’ experience in Accounting and Advising, both in Australia and abroad.
Muriel’s industry experience covers a wide range of industries, with extensive experience in the accounting profession as well as in Industry and Commercial.
Muriel enjoys using her experience and knowledge to find solutions for clients that meet their needs and add value not only to their personal financial position, but also that of their businesses.
For this reason she has started writing a series of eBooks on various business, investment and tax related topics.