Top 10 Tips This Tax Time

Tax time is almost upon us once again! This year the ATOs target list is work related deductions.

Our individual clients receive high quality personal accounting and tax advice. If you are after a one-off tax return or wanting to build a relationship with a dedicated accountant, then Power2 can help.

We always put our clients at the heart of everything we do. We will always aim to be both compliant and get you the most out of your personal tax returns, bookkeeping or personal accounting services.

If you want to lodge your return stress free and without audit we recommend 10 golden rules:

1. The fist rule is to ensure that the expenses that you do claim have been payed by you and not reimbursed to you by your employer.
2. Ensure that your expenses directly relate to your employer.
3. DON’T RUSH. Early lodgers often miss information. Make sure you have all your paperwork before completing your tax.
4. Have you made after tax superannuation contributions? There are forms you need to complete before you can claim a tax deduction.
5. Talk to your accountant early, talk to your accountant often, TALK TO YOUR ACCOUNTANT.
6. Even though your employer may require a dress code, you cannot claim everyday clothes that you bought to wear to work.
7. Tools and equipment that cost more than $300 cannot be claimed- however, you can depreciate the cost over a number of years.
8. Claiming a car? It’s best to keep a logbook.
9. Keep private expenses separate. It can be time consuming for your accountant to sort through mixed receipts and it can lead to mistakes being made.
10. The last and most important rule is to make sure you KEEP YOUR RECEIPTS. High on the ATO’s watch list this year are claims for expenses that don’t typically need receipts like laundry and mobile phone usage. You may be required to show how these deduction amounts were calculated and prove that they relate to your income.

If you need assistance lodging your tax return it’s time to come and see us at Power2 Accounting.  Click here to contact us today. We make tax returns as quick and as easy as possible for you.