End of Financial Year tax tips

A little forward planning now will help you with the coming End of Financial Year.  The 2016 – 2017 tax year is coming to a close on 30th June, which means it’s almost time to fill in tax returns and review finances for the year that was. The best advice for any EOFY is to get ahead of the game by planning your approach. This gives you time for preparation, to gather documents and avoid a Failure to Lodge (FTL) penalty. Below are some basic tips for individuals: Do you need to lodge tax return? If you’re not sure, check with this tool on the ATO’s website Leaving the country? If you’re an Australian resident for tax purposes and are leaving the country, you can lodge your tax return early The tax free threshold: in Australia is now $18,200. Take a look into the individual income tax rates here Claiming expenses: find out what expenses you can claim; keeping in mind that for expenses over $300 you will need proof of purchase Tax deductible expenses: consider making tax deductible expenses, such as giving to charity Salary sacrifice: to lower your taxable income rate, consider salary sacrificing into your superannuation You can choose to either lodge your tax return yourself, or seek a professional to help you. They know the system and are particularly advisable for complicated tax situations. To lodge your tax return yourself online you can use the myTax (for this you will need a myGov account). You can also lodge a paper return, although it will take longer to receive a refund. Below are some basic tips for people who...