It’s time to lodge your tax return

As the new financial year commences consider getting in early with your 2015-16 tax return information so you can lodge this sooner rather than later.

A reminder of documents you may need to compile to complete your tax return:

  • Payment Summaries from your employer and Department of Human Services;
  • Interest & dividend statements;
  • Annual tax statements & summaries from trusts and managed funds;
  • Rental income summaries & expense claims;
  • Receipts for eligible deductions;
  • Annual statement from your health insurance provider.

What eligible deductions can you claim? Have you considered:

  • Vehicle & travel expenses directly related to your work;
  • Uniform & laundry expenses;
  • Home office expenses if you work from home;
  • Tools, equipment or other assets you have bought to help earn your income;
  • Self-education expenses if your study is work-related including course fees, textbooks, stationery etc.;
  • Union fees and subscriptions;
  • Gifts & donations; or
  • Income protection insurance premiums?

When claiming deductions ensure you have appropriate evidence and records to substantiate your claim including receipts, travel diary for travel claims and a motor vehicle log book. If you have any questions about what you may or may not be able to claim please contact us.

 

Recent Articles

Lockdown Support for NSW Businesses

15th July 2021

Is your business adversely impacted by the recent lockdowns in NSW? The Federal and NSW Governments have confirmed support measures... Read More

Lockdown Support for Individuals in NSW

15th July 2021

Are you unable to earn income due to the current COVID-19 lockdown, hotspot or period of restricted movement? You may... Read More

Join the Culture Club

31st March 2021

Roberts & Morrow were thrilled to sponsor the launch of the Culture Club - the New England Regional Art... Read More

Tamworth Business Summit

31st March 2021

“Unprecedented business conditions have changed the way regional businesses operate and plan for uncertain times. It’s time to identify... Read More