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Time to get year-end finances in order

Time to get year-end finances in order

Author: bTa_vantage/Wednesday, August 8, 2012/Categories: Blog

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The 2011/12 financial year has come and gone, and that means our attention shifts from planning to execution, to help ensure you're not paying more tax than you should.

Whether you've got a shoe box full of receipts, or your records are perfectly in order, you need to be careful you provide us with the right information so we can maximise your tax position. If you're closer to the shoebox scenario, it's times like these you may appreciate the benefit of keeping your paper work in order throughout the year.

(If you're a small business owner, now may also be an ideal time to think about a formal business budget, since you'll probably be trawling through your records in any case).

Tax returns: what do you need to provide?

Many of our clients are well-versed in the tax return routine, however it might pay to refresh your memory.

Individuals need to think about: payment summaries, share/trust/managed fund statements, lump sum payments, interest income, investment property incomings and outgoings, medical and health fund receipts, charity donations, personal super contributions, work related expenses (plus receipts where it's over $300) and self education expenses.

For more information on investment property expenses, refer to our previous post Tax Deductions for Property Investors, which includes a link to a very useful one-page summary.

Businesses need also to provide: a reconciled cash workbook or data file, PAYG summaries and super contributions for employees, details on your inventory status, plant and equipment acquired/sold, motor vehicle expenses, insurance, government or industry payments, and details of any business use at home.

Deadlines, deadlines, deadlines

Take particular note if you failed to lodge your 2010/11 income tax return by 30 June 2012. In this case you will not have the same leeway this year as last; the deadline for lodgement of your 2012 tax return will be 31 October 2012.

For those that did lodge their 2010/11 income tax return by 30 June 2012, our lodgement program generally allows your 2011/12 income tax return to be lodged after 31 October 2012.

Better to ask now than make a correction later

If you have a question about what you need to provide for your tax return, don't hesitate to contact us. It's far better to sort issues out in advance than make a mistake or omission and be forced to make a correction.

Disclaimer: This information is generic in nature and provided on a discretionary basis only. You must always seek professional advice regarding its applicability to your own circumstance.

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