Get Your Tax Return Sorted Before the Deadline!

Filing your tax return doesn’t have to be stressful – but don’t wait until the last minute! The sooner you get your records together, the better. Avoid the last-minute scramble and potential ATO penalties by getting your tax return sorted now. Here’s everything you need to make the process smooth and stress-free.

1. Key Tax Dates in Australia – Don’t Miss These!

Mark your calendar with these important dates so you don’t get caught out:

  • 1 July – Start of the financial year.
  • 30 June – End of the financial year.
  • 7 July – Tax return lodgment period opens.
  • 31 October – Deadline for self-lodged tax returns.
  • 15 May (following year) – Extended deadline if using a registered tax agent (varies by arrangement).
  • Quarterly BAS Due Dates – For businesses registered for GST (28th of October, February, April, and July).

2. Income Records – Gather Your Proof!

The ATO needs to know how much you’ve earned, so make sure you have:

  • PAYG Payment Summary: Your employer provides this – it shows salary and tax withheld.
  • Bank Statements: Keep records of interest earned.
  • Rental Income Statements: If you have an investment property, track earnings and expenses.
  • Investment Income: Hold onto dividend statements and capital gains records.
  • Government Payments: Centrelink or other benefit statements.
  • Business Income: If you’re self-employed, keep invoices and sales records.
  • Foreign Income: If you’ve earned overseas, the ATO wants to know!

3. Work-Related Deductions – Claim What’s Yours!

If you’ve spent money for work, claim it! Just keep those receipts for:

  • Uniforms & Protective Gear: Work clothes, safety gear, and laundry costs.
  • Work-Related Travel: Fuel, public transport, or car expenses – keep a logbook.
  • Home Office Costs: Internet, power bills, and office supplies if you work from home.
  • Education & Training: If it’s job-related, course fees and textbooks may be deductible.
  • Union Fees & Memberships: Professional association fees count too!

4. Investments & Assets – Don’t Leave Money on the Table

  • Capital Gains Tax (CGT) Documents: If you’ve bought or sold property or shares, keep purchase and sale records.
  • Dividend Statements: Proof of earnings from shares.
  • Investment Property Expenses: Mortgage interest, rates, insurance, and depreciation reports.

5. Superannuation Contributions – Boost Your Future & Save on Tax

  • Salary Sacrificed Contributions: If you’ve put extra money into super, get records from your employer.
  • Personal Super Contributions: If you’ve topped up your super with after-tax money, keep those receipts.

6. Charitable Donations – Give & Claim

  • Donation Receipts: If you donated to a registered charity (over $2), you can claim it!

7. Medical & Insurance Records – Check for Offsets

  • Private Health Insurance Statement: Helps with tax offsets and rebates.
  • Medical Expense Receipts: If you’re eligible for medical expense deductions, keep these.

8. Business Records – Stay Compliant!

  • Invoices & Receipts: Proof of business purchases and expenses.
  • BAS & GST Records: If you’re GST registered, these are essential.
  • Payroll Records: If you have employees, keep PAYG withholding details.

9. Other Deductible Expenses – More Ways to Save

  • Income Protection Insurance Premiums: If you pay for it, you might be able to claim it.
  • Loan & Interest Records: Document deductible interest expenses.
  • Tax Agent Fees: Yes, the fee you pay your accountant can be claimed!

10. Stay Organised – Avoid the Rush!

The ATO requires you to keep records for five years. Go digital if you can – scanned receipts and electronic records help prevent loss and make tax time easier.

11. Act Now – Beat the Deadline!

Don’t wait until the last minute! Start gathering your records and getting everything in order now. If you need help, a tax agent or accountant can ensure your return is maximised and compliant – plus, their fee is tax-deductible!

Get your tax return done early and enjoy peace of mind knowing you won’t be rushing at the last moment. Act now and stay ahead of the deadline!

The Team at The Accountants and The Finance Brokers are here to help you navigate your cash flow requirements in your business. We offer complimentary cash flow reviews and assist you in understanding your finance needs.