This is a quick checklist for what to bring to your next tax appointment:
– Payment Summaries / Group Certificates
– Interest received on Bank Accounts
– Dividends received
– Rental Property Income & Expenses
– Any other income received during the year
– Work related expenses
– Log Book (if using your vehicle for work purposes)
– Private Health Insurance Tax Statement
– Bank Account details
– Any other paperwork that you feel may be relevant

If you aren’t sure whether you can claim any expenses or if you need to include the income, bring in the information and we will discuss it during the meeting.

• Business owners – You may want to come in for an end of year tax planning meeting or discuss via email or phone to avoid any nasty surprises prior to 30th June each year.
• Book in early to get your tax prepared – If you have a tax debt, this will give you time to organise the funds to pay the ATO.
• Check to make sure you have adequate private health insurance to avoid the Medicare levy surcharge if your income is approaching the income limits (See our FAQ)
• Maximise Concessional Contributions if self-employed and have surplus cash.

Please click on link below to access our current EOFY tax checklist.

EOFY tax checklist.

When you invest in a rental property, there may be quite a lot of items that can be depreciated. This is quite a time consuming process and if this is performed incorrectly can result in quite costly ATO audits.

A licenced quantity surveyor can come through you property on your behalf and prepare a report to present with your end of year tax which will maximise the depreciation available to claim as a tax deduction.

Please contact us for details of our preferred quantity surveyor.

Method 1 – Cents per kilometre

Your car expenses claim is based on a set rate for each business kilometre you travel and you can claim a maximum of 5,000 kilometres under this method. If you travel more than 5,000 kilometres the claim must be limited to 5,000 or you need to use an alternative method of claim.

You do not need written evidence but you need to be able to demonstrate that you have incurred the expense.

Method 2 – Logbook

Your car expenses claim is based on the business use percentage of each car expense which is determined by a log book that must have been kept for a minimum 12 week period. This log book must be updated every 5 years.
You need odometer readings for the start and end of the period that you owned or leased the car.
You need to detail all the kilometres you have travelled for the log book period (if you miss a day the log book is void and you will need to start again)
You can claim all expenses that relate to the operation of the car and you will need to keep receipts to justify your claim.