Are you prepared for tax time?

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.