We use specialist checklists and bench mark guidelines to ensure that all of the deductions that you are legally entitled to are identified.
At Hart Accountants your return will be processed by fully qualified tax specialists.
We are up to date with all Tax Office guidelines and benchmarks as well and specific areas that the tax office are targeting; so you can be sure that you are working within acceptable benchmarks. The Tax Office has in place a comprehensive list of “averages of deductions” for many job roles and these should be considered when preparing your return.
We offer guidance aimed at provided you knowledge on how the all tax laws apply to your specific situation. With this information you are prepared for the coming financial year.
The most important thing you can do is to make sure that you've got all your documentation in order.
Ensure that you are well aware of what you can claim as work expenses, motor vehicle and travel expenses then make sure you've got all your receipts and documentation in place.
Below is a checklist of the information you need to provide us so we can do your return.
Payment Summaries for the current financial year
Details of any investments income received such as:- interest received from personal bank accounts, cash management accounts or other investments
Details of any dividends or distributions received (including tax statements and dividend summaries), and details of any sales or redemptions of shares, or units (including initial cost and sale amount)
Details of any Rental Income from property ownership including the following:-
Annual Rental summary from Managing agent
Rental expenses including insurance, council rates, strata, repairs, water etc
Interest paid for full financial year on the property debt
Depreciation schedule for property (if you do not have one please discuss with us)
Details of the sale of any Property (excluding your main residence) or the sale of any other business or investment asset (including the original cost)
Copy of Private Health Insurance annual statement
Details of Motor Vehicle expenses relating to your work including all of the following:-
Total number of km’s travelled for work purposes for the year (up to 5,000 maximum)
Cost of vehicle & purchase date
If you have a logbook % available (i.e. what % of km’s was for work as evidence by a 12 week logbook), we also need the following information:-
Finance costs (Loan or Hire purchase interest) if relevant
Details in respect of any of the following allowable deductions:
Interest paid associated with borrowing to acquire any investments
Any study / education expenses relating to your work
Any travel costs (accommodation / flights etc) relating to your work
Purchase of any work uniforms / protective clothing
Income Protection Insurance
Mobile Phone expenses relation to work (including % which is work related)
Home Internet usage (including % which is work related)
Home office usage (advise number of hours per annum where you used home office)
Any other work related expenses.
Details of any income or expenses from business activities or other sources
Please advise the number of dependent children (if any) and any Child Support paid
Any other information relevant for the current financial year
Here is some additional information you may be interested in ...
INDIVIDUALSTAX RATES ARE
0 to $18,200 Nil
$18,201 to $37,000 9c for each $1 over $18,200
$37,001 to $80,000 $3,572 plus 32.5c for each $1 over $37,000
$80,001 to $180,000 $17,547 plus 37c for each $1 over $80,000
$180,001 and over $54,547 plus 47c for each $1 over $180,000
Medicare Levy As part of your ordinary tax planning, understand your Medicare Levy and consider any opportunities that may reduce this levy.
Private health insurance rebate please note that the private health insurance rebate is now adjusted for on the lodgement of your income tax return. This can either increase or decrease the total amount payable on lodgement of your individual return.
Keep track of InterestAll the interest earned on your saving is your income and therefore part of your assessable income. Keep track of your interest and provide tax file numbers to your bank so that you don’t have tax deducted until you file your return.
Rebates and offsets a large number of different rebates and offsets are available to reduce taxable income. You should consider the availability of these items for the current year. Tax offsets directly reduce your payable tax and can add up to a sizeable amount. So it pays to know all the offsets you are entitled too. Eligibility for offsets will generally depend on your income level, family circumstances and satisfying specific conditions for each rebate.Most common examples of tax offsets include the dependent spouse rebate, low-income rebate, mature aged worker rebate, the senior Australian tax offset, the medical expenses offset, the private health insurance offset and the offset for superannuation contributions made on behalf of a low income spouse.
Work expenses and substantiation Documentation of expenses higher than $300 must be substantiated. Check Internet, Phone, Computer etc.
Work related car expenses Do you need a log book. Record your odometer readings for 30 June 2016.
Work related travel expenses Check deductibility and substantiation
Work related clothing, laundry and cleaning Consider whether you can claim a deduction for the cost of buying or cleaning: occupation specific or protective clothes; or unique, distinctive uniforms.
Other work related expenses Consider the deductibility of other work related expenses including home office expenses, occupancy expenses, work related development and support, tools and equipment and overtime meal allowance expenses. If you work in a specific industry, you should consider the ATO’s guide on work related expenses that applies to that industry.
Self-education expenses Consider whether you can prepay certain expenses before 30 June 2016 to bring forward deductions to the current income yearSalary sacrifice Check limits and plan for next year.
Non-work related deductions the fees you pay a registered tax agent to prepare your return or to manage your tax affairs are allowable in the year the fee is paid.
Income Protection Insurance If you have income protection insurance, the ATO allows you to claim this as a work-related expense.
Non-commercial losses NOTE: If you adjust wages payments to yourself when you do your tax and DON’T have a self-managed super fund, with super stream becoming a requirement this year we will need to make those decisions prior to June 30th and pay the super.Also if you have a super contribution plan in place it should be reviewed in light of the budget changes.Call Michael on 0413809111 to discuss your specific circumstances.