How to Prepare for this Tax Season

Every financial year, from July 1 to June 30 of the following year, the Australian Tax Office (ATO) gathers income tax from working Australians. In other words, now we are in the 2018/2019 financial year and the deadline for lodging tax returns is, therefore, June 30.

Thus, if you haven’t prepared for this tax season yet, now it’s the perfect time to get started. And, since the deadline is pretty close, you’d probably need some professional and financial assistance. So, don’t stress – look no further than Syndeo Group which is one of the best Accountants in Brisbane which will make tax preparation a hassle-free process.

Now, let’s have a look at some tips to help you prepare for this tax season:

1. Revisit Last Year’s Tax Return

You may consider your last year’s tax return as something that’s completed and left in the past. However, you can learn a lot from it. By looking back at your last year’s tax return you will be able to identify some challenging and perplexing areas so that you can deal with them first and have plenty of time to work them out.

2. Create a System

Waiting until the last minute of the deadline to arrange and systemize the documents and receipts needed for your tax return isn’t such a great idea. Instead, you should organize and collect them early so that you increase your chances of getting a bigger refund. Creating a system for keeping everything in the same place will be of great help. Luckily, Syndeo Accountants can do this for you.

3. Be Aware of Your PAYG Withholding

Withholding an amount and sending it to the ATO regularly when you make payments to employees and some contractors is a process known as PAYG withholding. But, although you pay PAYG, you still need to lodge the annual tax return. Hence, be aware of the amount of PAYG tax you pay so that you won’t be shocked when tax time comes.

4. Keep All of Your Receipts

Even though the chances of ATO asking you to send in your receipts are extremely low, the law says that you still have to keep them in case you are audited. You can ask the accountants form Syndeo Group to help you with this and recommend some helpful tools for keeping track of your outgoings and explain what you can and can’t claim.

5. Keep Records of Your Charitable Contributions

Fortunately, doing good for others, being generous, and making donations is also good for you and your business, not only for the people or organisation you are donating to. In other words, donations may be tax deductible, so you’d better keep a record of your gifts and contributions over the year and get your tax refund a boost.

6. Organize Your Superannuation

As part of your tax season preparation, you should also take some time to organise your super savings. Get familiar with all the details about your super – log into your account, check your balance, and learn more about what option, or options, you have invested in. Also, you may consider making extra contributions for your retirement which can be tax effective.

7. Get Familiar with New Tax Rules and Policies

The truth is, tax and super rules and policies are constantly going through changes. For that reason, always do research to find out whether there are some changes in the tax rules and policies which may have an impact on this year’s tax return. By doing so, you will make sure your claim is correct and up to date, and avoid any extra surprises.

Final Thoughts

Preparing for the tax season can be quite a challenging and time-consuming process. So, don’t hesitate and give Syndeo Group a call to ensure you get the most of this year’s tax return.