It’s Tax time again

It’s tax time again so get in early and avoid the last minute headaches

-2008 - 2009 Tax return requirements for personal return clients

To save your time and money, be prepared and please bring the following with you to your appointment.

For evidence of all income and expenses for the year, we require the following information:

  • Income - PAYG (Group Certificates) Payment Summaries.
  • Other income - A list of interest and dividend income received and the printed advice if possible.
  • Asset Sale - Where you have sold a property or shares, evidence of cost and sale price.
  • For expense claims - you will need receipts and estimates of work related use where an expense is partly private. If you wish to claim motor vehicle travel make sure you bring a detailed record of how you used the vehicle and how much the vehicle cost you to run. Please bring in a logbook to evidence you business travel percentage. Where you need to claim for a vehicle or machine that is subject to Hire Purchase or Lease, bring the agreement so that we can properly claim the costs.
  • Rental Properties - if you own a rental property, bring in all annual rental advices and expense receipts as well as a Bank Statement for the Mortgage Loan.
  • If you have trust investment income we will need the Tax Statement (s) to complete your Return.
  • Health Insurance - Your Private Health Fund will provide you with a statement detailing your eligibility for the Private Health Rebate. Be sure you bring this with you.

If you have any other questions, make a list and we will answer them.

-Planning for your 2009 - 2010 tax returns

Concessions for the coming financial year

  • Refund of Education Expenses
  • Increase in Medicare Surcharge Threshold

With our assistance it is possible to maximise your refund without fear of penalty.

To prepare your Tax Return we will need details of your income, expenses and eligibility for tax concessions.
The following issues were common problems last year, which led to the Tax Office amending taxpayer lodged returns, often with penalties. Issues were:

  • Failing to declare interest earned (particularly when earnings were reinvested).
  • Not declaring reinvested dividends.
  • Forgetting to include all PAYG Certificates from all employees throughout the financial year (casual and or part-time) in your return.
  • Failing to declare taxable Centrelink payments. (Family Tax Benefits is not taxable income).
  • Failing to declare your spouse’s income and so being assessed for the Medicare Levy Surcharge.
  • Not retaining receipts or evidence of expenses.
  • Failing to declare Capital Gains on any sales of capital assets (Shares, Real Estate etc).
  • Details of Investment portfolios.

With our assistance it is possible to maximise your refund without fear of penalty.

  • Be prepared to investigate the new opportunities that arise in tax planning. Several of these such as Negative, Positive and Neutral Gearing Rental Properties, Forestry Investing are very exciting because they are government sanctioned tax deductions as well as being viable investments in their own right.
  • Pay all deductible expenses, make any tax deductible donations and be sure to qualify for all rebates where possible (e.g. Spouse super contributions, Private Health Insurance, Medical Expenses)
  • Review your financial position with respect to funding your goals, paying off the house, the adequacy of you insurances and your progress towards your retirement goals. Call us to make an appointment with people who can assist you in doing this. We have in house professionals who can assist you in these areas. Check our list of affiliates and make an appointment today, it’s your money and your time.

-Rental property owners and investors

If you have forestry shares or rental property or income insurance, you may need to submit a Variation of Withholding Tax form to adjust the tax deducted from your pay. Please call and we will submit one on your behalf.

YOUR REFUND IS WAITING SO CALL US FOR YOUR APPOINTMENT TODAY.