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Tag: Taxes

Important Documents Needed When Doing Your Taxes

The fiscal year ends June 30 and most Australians are required to file tax returns detailing all previous fiscal year income. An accountant can help you with your tax return, or you can give it to an accountant to do it all for you. When filing your tax returns and preparing information for your accountant, there are certain documents you will need to take with you.

Receipts:

Make sure you keep all of your income receipts throughout the fiscal year. Depending on what you live for, you can get a lot out of your taxes. Make sure you keep all your notes on your expenses that you spend in the last one year in one place. It can make your life a lot easier if you organize it and save it from sorting through piles of paper at the end of the fiscal year. You can also hire an accountant via https://www.motionaccountancy.com.au/tax-accounting-services/ to handle all this on your behalf.

Income Tax Return filing: 10 must have documents to file your tax return for AY 2018-19 - The Financial Express

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Account:

If you work from home, you may be able to claim some of your household bills such as electricity and gas. You can also take part in a mortgage or lease.

Tax Documents:

You need your group certificate. Depending on whether you run your own business, you may have documents such as a PAYG payment summary.

Tax Compensation:

You may be able to get other deductions from things like your spouse's income, lucrative retirement benefits, or annuities. There are private tax breaks for private health insurance. If you have this, be sure to bring it with your accountant. All work-related expenses are billable.