If the thought of doing your tax causes you angst, take heed of Stellar’s top 5 Accountant Tips to Get Ready for Tax Time.
The tax return deadline for 2016-2017 in Australia is looming… but do you know what to take to an accountant for your tax return?
Stellar Accounts Owner and CPA, Debbie Hoffman has compiled her top five tips to make tax time a breeze.
Need a little extra help? We are your local tax experts and here to help. No matter your situation – if you’re not sure what documents you need for your tax return, how to claim relevant expenses, or confused by what tax deductions you may be eligible for, call us on 0428 887 104, or submit an online enquiry here.
ATO Tax Return Deadline
You have until 15 May 2018 to lodge your 2016-2017 tax return, provided it is done through a registered tax agent.
It’s also a good time to start thinking ahead for 2017-2018 and what deductions you may be eligible for.
Top Tips to Prepare for Tax time
Here is Stellar Accounts Tax Time Checklist featuring the 5 most important things to do when preparing for your tax return. Hint: To minimise stress and make it a smooth process, start preparing early!
1. Use your car for work or business?
Make sure you use a logbook for a consecutive 12 week period if you want to claim all of your car expenses in your tax return. You had better hurry if you haven’t already started, June 30 is just around the corner.
2. Use your phone for work or business?
The ATO requires you to maintain evidence of how you derived the percentage used for work or business. Stellar Accounts advises that for a consecutive 4 week period, use a phone bill to highlight your work and/or business calls, and also keep a record of text messages, internet usage, work and/or business calls received as evidence.
3. Use your home internet for work or business?
The ATO requires you to maintain evidence of how you derived the percentage used for work or business. Stellar Accounts advises that for a consecutive 4 week period, keep a note book to record the hours and the reason for the usage of your internet.
4. Maintain a business office from home?
To claim home occupancy deductions you must have a dedicated room as an office and know the floor plan of your home to work out the percentage of floor space your office and/or work area takes up. This percentage is then applied to your home occupancy costs (such as rates, electricity, rent/mortgage interest, insurance etc).
5. Work from home but do not have a dedicated home office or work area?
You will only be able to claim the number of hours you spend working from home – therefore record the hours spent working for your employer or on your business for 4 consecutive weeks.
Follow these steps and you will be ready to maximise your tax deductions for tax time!
Stellar Accounts is Brisbane’s leading small and new business accounting firm. We have a reputation for simplifying your accounting, tax and bookkeeping needs so you don’t need to stress or worry.
With more than 20 years’ experience across a wide array of industries – our clients (typically small and medium sized businesses) – gain a distinct advantage over their competitors because we keep them in the loop of the latest information and regulatory requirements. Call us on 0428 887 104.
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