If you haven’t already, now is a great time to prepare for the end of the financial year. You might find that you are able to identify some extra payments or donations that would be worth making before June 30.

For individuals, papers to focus on include:

• Receipts – If you’re unsure if you can claim a tax deduction for it, just ask us. There are complicated rules around what can and cannot be claimed, and the Hart Partners team is here to help you work through the details.
• Interest income – Your June bank statement should show how much interest you have earned, and you need to declare this.
• Income protection and health insurance records – If you have it, your tax accountant should know about it.
• Investments – If you have rental properties, gather all the paperwork on maintenance and repairs, advertising etc in. Your final bank statement for the year usually has much-needed details e.g. on interest charged on any borrowed money to buy the rental property. You’ll also need information on any income you’ve received from those rental properties, shares, managed funds, or other investments.
• Work-related expense records – If you have to supply resources such as a computer or mobile for work, you may be able to claim a deduction. If the resources are used partly for private and partly for work reasons, you should keep a diary of four weeks usage to show the proportion of time they were used for work purposes. If you travel for work, it’s best to keep a log book of expenses incurred. There are great apps designed just for this.
• Education for your current career – If you are studying in your current career or to maintain your work licenses, you may be able to claim these costs as tax deductions. Keep any relevant receipts.
• Donations – Collect all the receipts for donations you’ve made in the last year – they are probably tax deductible. Before the end of the financial year is also a great time to make donations to registered charitable organisations, but check first with your accountant to see if you need any more deductions.
• Foreign income or expenses – if you derive income or a pension from overseas, you will need to provide the details.
• Other income and expense details – This could include for example child support payments or employment termination payments.

The details of income tax are complex, and it can be difficult to know what to claim or not. While an online form might seem easy to use, without consulting an accountant there is always the risk of either over- or under- claiming deductions.

Wherever you are in Australia, or even if you are an Aussie ex-pat living overseas, The Hart Partners team is on hand to ensure that you, or your business, claim everything to which you are entitled. To learn more, we invite you to contact us on 03 9600 3220 today.