Are you prepared for tax time?

Are you prepared for tax time?

Before it’s time to lodge your return, consider these simple tips.

Laura Orchard
Laura Orchard 06 Jun 2022 ・ 2 min read

As the end of financial year approaches, it’s a good idea to plan how you’ll handle your tax return.

While tax time might seem complicated, a little organisation can make it much simpler.

Here are a few things to consider when preparing to lodge your return.

Gather documents for deductions

Having all relevant payment summaries, financial statements, and receipts organised can make it easier to maximise your deductions.

From internet charges to union fees, chances are there are work-related expenses you can claim. And if you’ve been working from home during lockdowns and office closures, you could claim a range of extra expenses.

Decide how to lodge your return

There are several ways to lodge your tax return with the ATO, including DIY online options. While lodging your return yourself could save you money, it may cost you in unclaimed deductions.

You can also lodge your return through a professional tax agent. They have the expertise to help you get things right – especially if you have a complex tax situation or need to lodge a business tax return.

Plan to spend your refund wisely

While it’s not as fun as a holiday, using your tax refund to boost savings, repay debt or invest in your future can be a smart move.

If you have a mortgage with an offset option, putting your refund in your offset account could help you pay off your home loan quicker and help you save on interest charges.

Seek advice on repayment options

If you haven’t paid enough tax throughout the year, you may receive a tax bill instead of a refund. But don’t worry – even if you don’t have the cash up front, there are ways to repay tax debt.

A Liberty Adviser can help you explore your options and find a repayment solution that suits your needs.

Speak to a Liberty Adviser today about your debt refinancing or consolidation options.

Laura Orchard
Laura Orchard Author
Laura Orchard is a financial writer at Liberty with over eight years of professional writing experience. She is passionate about simplifying complex concepts to help inspire financial freedom. Laura has a Bachelor of Media and Communications from Deakin University.