Getting Ready to Visit your Accountant / Tax return Preparation
As we bring on a new financial year, it's time to start thinking about compiling your FY23 tax information for your accountant. To help you, we have compiled a list of essential steps to prepare yourself.
Review Personal Information
Check that your personal information, such as your Tax File Number (TFN), address, and contact details, is accurate and up to date. It's essential to ensure that your information matches what the Australian Taxation Office (ATO) has on file to prevent any delays or issues with your tax return.
Pre-fill Information
Once your employer and super fund finishes their end of year reporting your Payment Summaries will become available to your accountant along with other information that the Tax Office know about, such as some dividends, deductible contributions and your private health insurance details.
Maximise Deductions
Take the time to identify deductions that you may be eligible for. This can include deductions for work-related expenses, self-education expenses, charitable donations, and more. Reviewing your financial records and consulting with a tax professional can help ensure you don't miss out on any potential savings.
Rental Property
If you use an agent to lease your property they will be able to provide you with a summary of the income and some expenses in the financial year. You will need to gather expense information outside of this such as Land tax, rates, body corporate fees, interest on the loans against the property and any other expenses directly related to the property. Your accountant will be able to help distinguish the tax deductible nature of these expenses.
Financial Planning Specific Expenses and Income
For financial planning clients some deductions you may be able to claim include income protection insurance that is funded personally, the income and admin fees relating to personal investments (if you use a platform they should produce an Annual tax statement with this information), deductible personal super contributions and spouse contributions, and ongoing financial advice fees, if they relate to income generating investments.
Remember, tax season doesn't have to be stressful. With proper preparation and organisation, you can approach your tax return with confidence, knowing that you have taken the necessary steps to maximise your tax benefits and ensure compliance.
As always, our team at Salt Financial Group are here to support you throughout the tax season. Feel free to reach out to us if you have any questions or need assistance with your financial planning or tax-related matters.