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Preparing your Tax

To prepare your annual tax return, it is a good start to ensure you have the following information:

  • Confirmation from your employer that your Payment Summary has been finalised with the ATO

  • Interest and dividend income statements

  • ​Record of use of your motor vehicle for work purposes - be it a diary or logbook

  • ​Details about bus, train or taxi travel for work purposes

  • Details about costs incurred to stay away from home overnight for work purposes

  • ​Details of any costs incurred to attend training courses

  • Details of costs of any protective clothing or compulsory uniform expenses including footwear, glasses and sunscreen

  • ​Costs of any subscriptions, telephone costs, low-cost tools, reference materials, computer costs etc, that relate to your job.

  • ​Private health insurance annual statement (if you have private health insurance).

  • ​Income protection insurance costs for the year

  • Hours spent working from home

Featured
June Newsletter 2023
June Newsletter 2023

As we are about to embark on the new financial year, we would like to bring to your attention some changes in Australian Taxation Law that might impact you. Here are the key updates:

July Newsletter
July Newsletter

While the temptation to lodge early this year may be great, taxpayers have been urged to hold out until the ATO finalises income statements and pre-fill information to avoid a surprise tax bill down the road.

Motor Vehicle Expenses
Motor Vehicle Expenses

There are a number of different ways whereby you can claim for the use of your Motor Vehicle in your tax preparation.

Capital Gains Tax
Capital Gains Tax

If you make a taxable capital gain on an asset in a tax year, you will need to pay tax on that gain. This is called Capital Gains Tax.

What is negative gearing?
What is negative gearing?

Negative gearing, put simply, is investing in something whereby the income produced by that investment will be exceeded by the costs incurred in holding that asset.

Rental Properties
Rental Properties

It is quite common these days to have a rental property, so it is important to know what expenses are incurred in owning that property you can claim as a tax deduction.