Always running late? Stay on time this tax season!
The tax deadline to lodge your 2016 tax return is 31 October. Maybe you’ve been late lodging your tax return in the past but we’re going to help you turn over a new leaf. E-Lodge makes it easy for you since you can lodge your 2016 tax return online, right from the comfort of your own couch!
Let’s discuss a few tips that will make this process as stress-free and simple as possible.
Make sure you have your PAYG Summary (and other income documents).
This may seem self explanatory but is easy to overlook sometimes. According to the ATO, employers should have employee PAYG payment summaries issued by 14 July. That being said, you should have your PAYG by mid-July whether or not the withheld amount is nil.
Don’t have yours yet? We can help with that.
There are a few ways to track down your payment summary:
- Request a copy from your employer
- Request a letter from your employer which stated your income and amount withheld
- Review your payslips, timesheets and bank statements
Worst case scenario? You can lodge your tax return without a PAYG. Of course, you’ll need to estimate your income and withholding details as best you can. For help, use the ATO’s tool, gross pay estimator.
Keep your receipts for tax deductions.
Make charitable donations this year? Travel for work? Purchase uniforms for your job? Keep those receipts. This is always important. However, the ATO is really cracking down on taxpayers this year when it comes to claiming deductions. There are certain expenses that you are entitled to claim a deduction for.
Before reporting any expenses, make sure of the following:
- You were never reimbursed for the expense.
- The expense was work-related.
- You have a record or receipt to prove the purchase was made.
See if you are eligible to claim tax offsets.
Taxpayers love to focus on tax deductions because they quickly add up and can lead to a refund from the ATO. Tax offsets (aka rebates) tend to be overlooked more often. These can directly reduce the amount of tax payable on your taxable income. Offsets have the ability to lower your tax payable to zero but can’t get you a tax refund. That’s where deductions come in. Combined, tax offsets and deductions can maximise your refund! Want to take a look at some that you may be eligible for? We have an entire blog post discussing ten of the most common tax offsets to claim this year. Check them out (you can thank me later)!
Know your spouse and children’s details.
Aside from how they take their coffee and favorite beach read (kidding), you should know the following about your spouse and any dependents you plan to record on your tax return:
- Date of birth
- Centrelink benefits
- Income details
- Residency status
Worried about finding the time to lodge your 2016 tax return?
We’ve made it easier than ever for you by giving you the opportunity to prepare and lodge your tax return online. E-Lodge is also mobile-friendly! Whether or not you’re a busy mom trying to fit it in between keeping the garden and cooking dinner or a business man on the move without a second to spare, we’ve got you covered.Tags: financial year 2015-2016, online tax preparation