EOFY is coming! Don’t wait until the last minute to get things done. Planning ahead of time and getting everything in one place can definitely help you make the most of it this year.
Here are some practical tips that can possibly maximise your tax return before the end of the financial year.
Organise your documents
Keep all your financial paperwork tidy. Organise your receipts and other relevant documents as soon as you get them. Make use of colour-coded binders or folders to avoid mix-up and store everything in one easy-to-find location.
Set an appointment with your tax accountant
This is a good time to contact your tax accountant to determine and schedule the most suitable time and day for an appointment. Booking it early could save you potential headaches down the road. If you’re not able to go due to travel restrictions, you may also safely lodge your tax return online. Read more about it on the ato.gov.au website.
Leverage your accounting software
Accounting programs have powerful features so make the most out of it if you have one installed in your system. There are platforms that allow you to share data securely and efficiently to your accountant for safe-keeping.
Be aware of government stimulus measures
In response to the Coronavirus outbreak, the Australian government has released the COVID-19 stimulus package. It pays to be informed and always be updated of how this will affect you when you lodge your tax return. Get more information regarding tax relief measures from the ato.gov.au website.
Claim self-education expenses
If you are studying or planning to study, you may be eligible to claim self-education expenses. Enrol in a course before 30th June, and the course is sufficiently related to your employment, you may be able to claim the course and certain related costs such as attendance at work-related seminars or industry-specific conferences.
Claim home office expenses
If you are employed, you may be eligible to claim office expenses. Especially now that Coronavirus is causing massive disruption to the workplace, a lot of companies aim to protect their employees by having flexible work arrangements. When you have set up a home office, it may be possible for you to claim work-related expenses such as internet usage, mobile plan usage, computer repairs, software subscriptions, and others that you paid yourself and will not be reimbursed by your company.
Please note: The information in this blog is general advice only and is not intended to be financial or legal advice. You should obtain your own independent advice in relation to tax deductions that may be available to you.
EOFY is not far away, so don’t delay!
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