Are you ready for the end of the financial year?
If the idea of rapidly approaching 30 June is giving you palpitations, perhaps these four tax time tips from Custom Financial Solutions Director Warren Littlefair will settle your nerves.
You really shouldn’t underestimate the advice of a professional. If you have concerns about your current investment, or if you’re considering making another purchase, you should speak to someone who can work with you to find a solution that is effective and within your means.
Substantiate your claims
It is vitally important that you keep all receipts and documents that provide the proof for your claim. While Australia has a self-assessment system, where the ATO generally accepts what you disclose as the truth, they do routine audits and if you dont have documentation to support your claims, you could face stiff fines.
Get your return in on time
This may sound pretty straightforward but it is worth mentioning: don’t put off lodging your claim. Getting started now will mean you have plenty of time to gather the necessary paperwork. To avoid penalties, make sure your return is completed by yourself or your accountant before the cut-off dates.
Use ATO tools
If you have a very simple tax return you might consider using the ATO electronic lodgment tool, eTax. It is fast, secure and free to use.
Please note: the advice above is intended as a general guide only and does not taking into account an individuals personal circumstances.