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How To Get Ready For The Tax Season

The time of year is approaching again for tax calculations to be done and for accountants to get things in order. The Australian Taxation Office will conduct their official calculations annually for individuals and companies across the country.  

 As the deadline looms ahead and draws in, you may be wondering whether all of your paperwork and calculations are up to date. When doing the tax return, there are several things to remember and this article will outline some of the main considerations so you can do it seamlessly.    

 This way you will be prepared and won’t have to worry about resubmitting or being fined for any lateness or misinformation. If you wish to make the process a whole lot easier, you may want to consider a tax accountant and bookkeeping service in Sydney‌‌‌‌ 

 They take the hard work out of your hands and deal with the details themselves. You simply have to open your books and earnings to them along with other information as they undertake the meaty calculations.  

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Preparing For Tax Season 

When completing your tax return online, go through the follow stages:  

 

Gathering Paperwork Beforehand

There is a lot of forms and information required by the tax office so it will be easier if you know this information beforehand. You will also be required to know your:  

– Income (providing bank statements and any payments from employment and earnings over the past financial year)  

– Expenses you have acquired (think about work related fees you have acquired from running your business or being self-employed. These will need to be added to the forms)  

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Getting Private Health Insurance Rebates 

 If your income has risen, you might need to go to the next level for this type of health insurance rebate. If your pay has changed it’s a good idea to check with your current insurance provider to ensure the right amount is taken.  

 

Claiming Deductions   

When claiming deductions from fees that occur with delivering jobs, you must ensure they are:  

  • Relevant to the job itself  
  • You have physical evidence such as receipts   
  • You have spent your own money first 

Going to the official Australian Taxation Office will help you get an accurate picture of the expenses you can claim and how to make those calculations. Record all work-related expenses. There is a tool on the official website that will enable you to take photos of receipts and upload things such as car journeys and other expenditures. 

Image Source: Pixabay 

 

Final Stage: Tracking Your Tax Return   

Once everything is submitted, you can track your tax return via your account on the government portal website. This will ensure everything has been submitted and is being processed correctly.  

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