Get Ready for the tax time

Get Ready for the tax time

As we are coming to the end of the Financial year, thoughts begin to shift to tax return lodgments. There are several things that the individual or a small business owner need to be aware of.
Important things you need to consider before lodging your tax return
• Check if it is necessary!
While most people will file a tax return this year, you might not actually have to. If you earned income or received benefits, or generated any kind of money that was taxed, then it is likely that you will need to go through the process.
• Check what record keeping and other tasks to complete.
As a small business owner, you need to make a summary of income and expenses in a profit and loss statement, conducting a stock take, summaries of debtors and creditors, lodging yearly report of GST, FBT or PAYG.
• Find out what deductions and concessions you can claim.
You can claim deductions for most of the business expenses, as long as they directly related to earning your income. Some of the common expenses are as below:
1. Motor Vehicle
2. Clothing related expenses
3. Home office
4. Self-education expenses
5. Other work-related expenses
• Check up on your rental property.
If you have taken a home loan to invest in real estate, there are a lot of relevant deductions you can make.
To claim the deductions for the rental property following are some key points:
1. Make sure the deductions you claimed are for the period when the property was on rent.
2. Always substantiate your claims.
3. Account for times the property was used for private purpose.
How to lodge your tax return
You can lodge your tax return on your own for free from the lodgment service on the ATO website. Alternatively, you can go to a registered tax agent, which incurs a fee (tax-deductible) and they can guide you to minimize your tax liability within all tax law and regulations.
Do you want a registered tax agent?
We are here for you.
Contact us today and book your appointment.
May 6, 2021
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