“I need help with Tax Returns”
Whether you are an individual or have your own business, the end of financial year can be a stressful period – especially when tax time is right around the corner.
At Rising Tide Financial Services, we’ve put together a few tips to help keep your tax-time stress to a minimum, and help you get the most out of your return.
Understand what you’re entitled to claim
Long before the end of financial year, it’s a great idea to read up on and understand exactly what you’re entitled to claim. Many people are unsure of what deductions they can and can’t claim, and claiming the wrong things generally leads to unwanted trouble with the ATO.
Typically, you can claim a deduction for most work-related expenses if you have proof of payment, have not been reimbursed, and it is directly related to earning your income. There are also a few non-work-related expenses that can be claimed, such as gifts and certain donations to charity.
Keep records and save receipts
Completing your tax return is difficult, but when you have the necessary receipts and records, your experience will be much easier! In order to get started, you will need to gather all the right information.
Some of the info you will need includes payment summaries, bank and private health insurance policy statements, records detailing any income, and of course receipts for any expenses that you’re entitled to claim.
Identify any tax offsets
The concept of tax offsets is confusing, however ultimately, they directly reduce the amount payable on your taxable income. In simple terms, that means less tax to pay.
You may be eligible for a tax offset if you are a Senior Australian or pensioner, receive specific government allowances or payments, have certain dependents, are a carer or low-income earner.
Talk to a professional
If working through your tax return is getting the better of you, or you just want some expert help – check out the ATO website or come on in and have a chat to us. We can ensure that your tax return will be done right, save you and your business time and some cash, and of course take the stress out of tax-time.
At Rising Tide, your finances are important. We’re here to help you put together an effective financial plan to support you on your way to achieving success.