Get ready for your tax return effortlessly with our comprehensive checklist.
Our comprehensive checklist and expert tips are designed to ensure you get the most out of this tax season.
Plus, discover super tips to secure your financial future.
Income Disclosure List
When reporting your income, it’s all about providing the complete picture. The ATO continuously audits accounts they deem suspicious of tax evasion, even if it is an honest mistake. Use the enclosed list to ensure you’ve accounted for:
– Salary, allowances, and directors’ fees from PAYG payment summaries
– Termination payments from your employer
– Annuities, pensions, and taxable government allowances
– Interest, dividends, and capital gains from investments
– Rental income and foreign earnings
– More income sources, including dates and values
Savvy deductions can significantly impact your return, and we have the lowdown on what you can claim. Go through the listed items and find deductions that may increase your rebate, such as:
– Unreimbursed work-related expenses
– Home office costs, work-related travel, and protective gear
– Union fees, education expenses, and more
– Investment-related expenses like interest and fees
– Donations to registered charities and tax preparation fees
Please note that there have been changes regarding how to claim working-from-home expenses.
Necessary Offsets and Deductions to Note
Capitalise on opportunities that maximise your returns by considering the following:
– Having private health insurance can result in an offset of up to 32.8%
– Contributing to your spouse’s super within certain limitations can incur an offset of up to $540
– Check if your year of birth qualifies you for the Senior Australians pensioner tax offset
– And more!
Super Tips for a Secure Future
Superannuation is your financial guardian for the future, and understanding its nuances is essential. Dive into a treasure trove of tips, including contribution limits, the magic of salary sacrifice, and the advantages of personal deductible contributions. If you’re eligible, government co-contributions can significantly boost your super. And for couples, super splitting is a strategy that should be considered.
But that’s not all – explore the world of capital gains and losses negative gearing and discover the power of income protection insurance. And before you finalise your rebate, take a peek at the resident tax rates 2023.
Unlock the full potential of your tax refund this year. Our expert insights and actionable advice are your secret weapons to a seamless and rewarding tax season. Let’s navigate the world of taxes together and make this year’s return your best.
Maximise your tax refund effortlessly. Download the free PDF to ensure you’ve ticked all the boxes and explored intelligent strategies for your financial success.