If you’d like to see a healthier tax refund next year, now is the time to start making that happen. If you get organised now and make sure you retain all the paperwork you need you will reap the rewards next tax year. Here are some documents that you should retain to give to your accountant that will help to increase your refund.
Don’t Miss Out on Deductions
There are some deductions you might not have thought about. If you send your accountant information on the following they can see if you qualify:
• If you have any documentation that says ‘keep this statement for tax purposes’ show it to your accountant so they can see if you have any income or expenses to declare.
• Self-education expenses related to your employment.
• Work related car expenses and kilometers.
Rental Property Tips
• Include all bank statements for a rental property loan, especially if you have refinanced or taken out a new loan. You could qualify for a mortgage insurance deduction.
• If you have changed agents throughout the year, include both agent‘s annual rental property summaries.
If you buy or sell shares, property or other capital gains items this financial year, don’t forget to bring your purchase and sale documents.
Maximise Your Medical Deductions
Good record keeping is important if you want to claim all your deductions. If your medical expenses are over $2120 for an individual or family, send us information for each family member, including:
• A Medicare summary of your benefit.
• A health benefits statement (different to your annual tax statement).
• Print outs from your pharmacy summarising your prescription costs for the year.
Get Professional Advice
Now you can see how many documents you should retain it’s important to understand what to do with them. Particularly when you have a complex tax return which might involve multiple family members, eligibility for a number of deductions, investment properties or ownership of a business it’s important to see an accountant. A good accountant can often save you more on your tax return than the costs of their service. Don’t just see them at tax time though. If you can call your accountant every time you make a big financial decision they can help you avoid making costly mistakes.
The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information.