Tax Preparation

Tax Preparation – What you need.

Your tax preparation will be concerned with filling in many figures and information. For example you will need to know what your income for the year has been; this can be made up of you wages or salary from your employer, it will include any interest or dividends from savings & investments; as well as any income from any investment rental properties you may own.

There are many possible deductions that you will be able to take away from your income such as;

Cost of Tax Preparation
Donations to charities
Gifts
Work related expenses – buying a uniform
Work related travel – travelling to clients

There is a list of permissible deductions on the ATO website, please see below. The ATO allows tax deductions for any fees or charges that tax agents or tax accountants may charge.

Taking any deductions away from your income will give you your taxable income and this will be what you pay tax on. There also are many possible tax offsets available; such as the tax credit companies have already paid on dividends, any medical expenses or education tax refunds.

It is recommended that you keep all the relevant receipts. If your tax return is complicated then do use a tax agent as this could save you hundreds of dollars. Finally, remember it is your responsibility to pay any tax owed and maintain your tax records for seven years.