Tax Time Ahead

Tax time tips – making the most of your finance

Now that we are well into tax time, it’s time to get your finances in order to ensure your tax refund is maximised and you receive the refund you are entitled to for 2014/15.

There are a number of different tips that can help you prepare your tax lodgement, but here are four you may find useful, along with some considerations for future lodgements:

Be prepared – ensure that you have all receipts, invoices, bank and dividend statements, investment records, travel log books, charitable donation receipts and health fund details, so that you are able to input all information correctly and efficiently. This will not only save you time but it will also help you prepare an effective lodgement.

Changes to your personal situation – Have you started a new job, work from home for a percentage of the week, look after dependents, or have any other changes to your personal circumstances? You may be entitled to new deductions or different percentages. For example, if you now work from home, you may be able to claim things like a portion of your phone costs, energy bills or interest on your mortgage. It’s always best to discuss these with an accountant or tax advisor to ensure you are claiming what you are entitled to and nothing you aren’t.

Consider new or different work-related costs – If you have changed your working environment or started a new job you may be entitled to claim costs such as uniforms, tools and equipment, industry publications and other resources. If you are unsure of what you can claim, ask your accountant or tax advisor.

Last chance to lower your taxes – There are a number of different ways you can lower your taxes. For example, if you have a comfortable level of cash flow think about transferring some funds into your superannuation account. Depending on your annual income, the Federal Government will match your contributions to some extent to help boost your retirement savings.

As you review your income and deductions for 2014/15, it’s worth giving some thought to what changes you can make for next financial year and how you can be more prepared.

There are many more ways to minimise taxes and increasing your tax return, it’s a good idea to speak with an expert, such as an accountant or tax advisor, as each individual has different requirements and a different set of circumstances.

The information presented is general in nature and has been prepared without taking into account your objectives, financial situation or needs.  Before making any decisions you should consult a taxation consultant.