{Organise} Tips for tax time

The end of the financial year is fast approaching, do you have everything organised and ready to claim?

Scott, from Springer Accounting and Tax Solutions (aka, Mr Organised Housewife) has been so kind to put together his top organising and tax tips for year end 30 June 2011.

Collect the following information required to prepare individual tax return together in a folder:

Income

  1. Copy of PAYG Payment Summaries from employers
  2. Eligible Termination Payment Summaries from redundancies
  3. Interest earned on all your bank accounts
  4. Dividends received on any shares you held
  5. Distributions from Trusts or Partnerships
  6. Details of any capital gains events throughout the year, eg if you sold shares or a rental property
  7. Rental income on all rental properties

Expenses

  1. Work related car expenses
  2. Work related uniform expenses
  3. Work related self-education expenses
  4. Any other work related expenses – union fees, seminars, home office, telephone, subscriptions etc
  5. Interest expenses on loans for investments such as shares
  6. Gifts or donations to deductible gift recipients
  7. Tax agent fees for last year

Other information

  1. Private health insurance information
  2. Education expenses for Education Tax Refund
  3. Net medical expenses if over $2,000 spent during the year for you and your dependants

Tomorrow Scott will be sharing his top tax tips.

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