Theres one certainty in life that comes around every year at the same time - your tax return!
Allow yourself some time to organise all the correct information you will need to complete your tax return. And you have until October 31st to lodge your tax without penalty.
Below are some helpful Tax tips taken from the Australian Securities & Investment Commission (ASIC) MoneySmart financial guide, to help make this year's tax return and the coming financial year, a little easier.
Records you'll need to complete your tax return
Income you must declare
Visit the ATO's website for more information on income you must declare.
Tax deductions you can claim
To claim a deduction for work-related expenses:
When your expenses meet these criteria, here's a list of the things you may be able to claim:
What tax deductions are not allowed
Here's a list of deductions you usually can't claim on your tax return:
Test your understanding of income you must declare and what you can and can't claim with the ATO's tax time quiz. If you're still not sure what you can or can't claim visit the ATO or a registered tax agent.
Lodging your tax return in 2019
You can lodge your tax return online using myTax - it's quick, easy, safe and secure. If you haven't already set up a MyGov account, you'll need to create one and then link to the ATO. Visit the ATO website to find out how to lodge online.
Lodge your return before the deadline.
If you're lodging your own tax return, you have until 31 October 2019 to lodge it. If you decide to use a registered tax agent, or are using a different agent from last year, you will need to contact them before 31 October.
Disclaimer: CCAdvice is an official Cancer Council NSW account, featuring regular content from the financial assistance team.
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