Fraud Alert – Please be vigilant when using ATMs as skimming devices have been detected across Metropolitan Brisbane. For more info on how to protect yourself click here.
We hear the same advice every year: keep your receipts. If you’re audited down the track, and you don’t have the paperwork to back up your tax claims, you could be in for a hefty bill.
As well as keeping your receipts, you’ll also need evidence of things like interest and dividend payments, rental income and donations. If you’re claiming vehicle expenses you need a car log book, and a log book for business related phone calls too.
Nothing makes tax time more fun than working out all the expenses you can claim. Whether you get an accountant to do your tax return, or you do it yourself, understanding the tax deductions you’re eligible for ahead of time makes the paperwork easier. You might also be able to make some additional purchases before end of financial year that you didn’t know you were tax deductible.
It can get complicated, but you may be able to claim any expense you incurred to earn your income, for example:
You can also claim:
Reduce your stress and save time by using a checklist to make sure you’ve got all the information you need to get your tax return done. You can use the ATO checklist, or make one yourself. As a starting point, you’ll need:
There will always be a bit of work involved in pulling together all the information you need to complete your tax return, especially if you have complex tax needs. But if you’re short on time, feeling confused, or just want to make sure you get the maximum refund, you should get help. A qualified accountant will make sure your tax return is completed accurately, and the fees are tax deductible!
Making extra contributions to your super isn’t just good for your future, it’s also one of the easiest ways to reduce the amount of tax you pay. And depending on your personal circumstances, there could be additional benefits. There are limits to how much you can contribute, so it’s best to get advice from an accountant or check the ATO for more details.
Making extra donations to charity before the end of the financial year will not only make you feel good, it’s also tax deductible, which means a smaller tax bill or a bigger return.
Tax time is ripe with opportunity for scammers. Be on the lookout for fake emails claiming to be from the ATO offering bonus returns or free tax advice. Never open links or download documents from suspicious emails. Be wary of any phone contact, a common scam preys on people’s emotions by claiming they have committed tax fraud and demanding bank account details.
Anyone who is legitimately phoning you from the ATO will be able to provide you with a number you can call to confirm that you are actually dealing with the tax office. If you receive a suspicious email or phone call, contact the ATO directly on 13 28 65 or check Scamwatch.
While you’re working on making things less painful for this end of financial year, there are also a few things you can do to make next year even easier. Try:
If you’d like help to make the most of tax time, talk to QBANK. Call 13 77 28.
QBANK has recently been alerted to fraudulent activity. Queensland Police have today released a warning for members of the public as Automatic Teller Machine (ATM) card skimming devices have been detected on several ATMs across Metropolitan Brisbane.
As these devastating fires continue to engulf our nation, our thoughts are with our emergency services, those helping evacuate and assist on the frontline, and the communities & families that are suffering during this unprecedented disaster.
QBANK is looking forward to helping even more of our members get into the property market for the first time, after being selected as a panel lender under the Australian Government’s new First Home Loan Deposit Scheme (FHLDS).