The more detail you can give your accountant the quicker your tax return can be processed and, usually, the better the outcome. The following will help.
Know what you can and can’t claim
Whether you work in an office, herd cattle on a farm, fix computers or mend broken bones – the Australian Taxation Office has a range of occupation and industry specific posters and guides that will help you get your deductions right this tax time.
The best time to lodge
Filling out your tax return gets easier if you wait an extra couple of weeks to lodge. By waiting until late July, most of your information from your employers, banks, health funds and government agencies will be automatically pre-filled in your return for you. All you’ll need to do is check the information is correct, and add anything that’s missing.
COVID-19 support payments
COVID-19 continues to impact many industries and as a result, during the last financial year you might have a few new and different claims. If you received a COVID-19 support payment, the tax treatment varies.
Keeping records of crypto assets
Do you invest in crypto assets? If you’ve sold, transferred or disposed crypto this income year, you need to work out if you’ve made a capital gain or loss. You need to keep track of:
- the dates of your transactions
- their values in Australian dollars
- details of any other costs.
Start the new financial year on the right foot
Be prepared this tax time to start the new financial year on the right foot. Check if there are any concessions you can access before 30 June. For example, you may be eligible for the small business restructure rollover concession so you can save on capital gains tax, or the increased small business income tax offset which is 16% from 2021–22 for unincorporated entities.
AUSTRALIAN TAXATION OFFICE