WEALTH HUB JOURNAL

Pre-Tax Season Checklist

Tax season for individuals is quickly approaching in Australia. Are you ready?

In Australia, tax season for individuals runs roughly from the 1st of July through the last day of October. June 30th is the official end of the fiscal year, and on the next day, the Australian Taxation Office (ATO) begins processing tax returns from the prior fiscal year. On July 14th (and before August 14th), you should expect to receive a pay as you go (PAYG) payment summary. Finally, by October 31st, you should have lodged your tax return.

The first of July is right around the corner. You may be a seasoned taxpayer, but it never hurts to double- and triple-check that you have all your ducks in a row. Let’s go through all the basics so that you can ensure you are prepared.

Set up a myGov account

If you haven’t set one up already, a myGov account makes it easy to lodge your taxes all in one place. You’ll want to be incredibly careful to protect your myGov information. Click here to set up an account.

Once you’ve set up an account, you can connect to the ATO. In order to do this, you’ll need to provide some basic information and answer some questions. Here’s what to expect to provide:

• Your name
• Your date of birth
• An income statement from the past two years/bank account details
• A notice of assessment from the past two years
• A superannuation account statement from the last five years
• A dividends statement from the last two years

Income information

First of all, you’ll want to make sure your bank account details are correct on myTax so that you’ll receive your tax refund properly.

Next, you’ll need to provide proof of all your income from the prior year, including your salary, any wages earned, and bank interest. You should have the necessary statements on your myGov account. Ensure that all your forms of income are included before lodging your taxes.

Deduction documentation

If you’d like to pay less in taxes, deductions are key! Hopefully, you’ve kept track of all tax-deductible expenses over the past fiscal year. Documentation of tax-deductible income is key for, firstly, keeping track of everything, and secondly, providing proof in the event of an audit.

Offsets and rebates

Want to deduct even more from your taxes? Offsets, also known as rebates, are akin to deductions but even more lucrative. However, you may only be eligible for some of them, and you’ll need to take an income test to find out which ones. Tax offsets and rebates you may be eligible for include:

• Beneficiary tax offset
• Low-income tax offset
• Low and middle-income tax offset

Much like deductions, you’ll need to keep organized records to be eligible for tax offsets or rebates.

Do you need assistance with your tax returns and audits? Wealth Hub Australia has selected the crème de la crème of accounting firms as our partners. We can offer you superior, individually tailored accounting service referrals that work with your current financial situation and goals easily and effectively. Get in touch with us today to achieve your financial and lifestyle potential!

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