END OF FINANCIAL YEAR WRAP UP

So it is the end of the financial year, and time for the annual activity that many people dread: the preparation of a tax return. However there are ways to make this bothersome task more palatable.


If you prepare your tax return yourself, you may be interested in new e-tax developments. The ATO has spent an astonishing amount of money ensuring that despite initial hiccups Mac and iPad users can now use e-tax to submit their financial details online.


Or perhaps you choose to visit an accountant. Accountants may be able to help you reduce your tax in ways you hadn’t considered. Remember to always choose an accredited accountant, who you are comfortable entrusting with your financial information. This guide has a sensible checklist of things to look out for when selecting your accountant.


Whether you prepare your tax return yourself or seek help from a professional, it will help if you are well prepared. Have all of your paperwork, group certificates, bank statements and receipts in the one place and have an early think about any deductions you might be able to claim. The ATO has a comprehensive list of all the deduction categories, and consider carefully, every bit will help to reduce your taxable income.


Happy EOFY!


Disclaimer: The postings on this site are my own and don’t necessarily represent the views or opinions of Total Financial Solutions Australia (AFSL# 224954)


This information does not take into account the reader’s objectives, financial situation or needs. For this reason, before you act on this advice, you should consider the appropriateness of the advice taking into account your own objectives, financial situation and needs. Before you make a decision about whether to acquire a financial product, you should obtain and read the product disclosure statement.


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