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  • Rebecca Francis

6 Clear Steps to Prepare and Maximise Your Tax Return

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Your Essential Guide to Preparing Your Tax Return by Bec Francis

Tax time can feel daunting, but with a little preparation and the right approach, it doesn't have to be! Here's a comprehensive guide to help you navigate this tax season smoothly and ensure you're maximizing your returns. Let's break it down into 6 clear, actionable steps. PLUS read to the end to grab your Individual Tax Return Checklist

Step 1: Gather All Necessary Documents

Start by collecting all the essential documents you’ll need to lodge your tax return. This includes:

These are now reported automatically to the ATO you won’t need to collect any documents for your PAYG Withholding income

Bank Statements: Summarise interest earned.

Private Health Insurance Statements: To claim any rebates or avoid the Medicare Levy Surcharge.

Receipts for Work-Related Expenses: Proof of any deductions you plan to claim.

Investment Statements: Records of dividends and managed fund distributions.

Rental Property Income and Expenses: If you have an investment property.

Step 2: Understand What’s New for 2024

Be aware of the latest changes for the 2023-24 financial year:

Medicare Levy Surcharge: For singles earning over $93,000 and families earning over $186,000 annually, the surcharge applies if you don’t have appropriate private health insurance.

Increased Deductions Cap: Check for any changes in the caps for superannuation contributions and work-related expenses.

Step 3: Maximise Your Deductions

Identify all possible deductions to reduce your taxable income:

Work-Related Expenses: Such as uniforms, tools, and professional development courses.

Home Office Expenses: If you’ve worked from home, you can claim a portion of your utility bills, internet, and office supplies.

Vehicle and Travel Expenses: Related to your work (keep a logbook!).

Investment Property Costs: Including mortgage interest, repairs, and maintenance.

Step 4: Claim Relevant Tax Offsets

Make sure you’re taking advantage of any available tax offsets:

Private Health Insurance Rebate: If you have private health insurance, check your eligibility for a rebate.

Step 5: Superannuation Contributions

Making additional contributions to your super can be a tax-effective way to save:

Concessional (Before-Tax) Contributions: These include employer contributions and salary sacrifice arrangements.

Non-Concessional (After-Tax) Contributions: Take advantage of the annual caps to boost your retirement savings.

Cut-Off Date: Make sure all contributions are made by June 30 to be counted for the 2023-24 financial year.

Step 6: Lodge Your Return Early

Avoid the last-minute rush and possible errors by lodging your return early:

If your tax situation is complex or you’re unsure about any aspect of your return, seeking professional advice can be invaluable

If you need help, consider booking an appointment with Alaco White. We offer a hassle-free tax return service to ensure you get the maximum refund possible.

We can help you navigate the intricacies of tax time, ensuring all deductions are claimed and compliance is maintained.

A flat lay of a notebook, pen and a succulent with a big green leaf.
We want to make sure you get the most out of your tax return the easy way!

Do you hate lodging your own tax return? Looking for a great accountant?

We want to make sure you get the most out of your tax return the easy way!

No boring appointments or waiting rooms.. Would you like that?

You can book your income tax return by clicking HERE and picking a date from the calendar.

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