We are just a few days away from the end of the financial year – the biggest event in the tax calendar. Soon enough, payment summaries will be sent, receipts will be gathered, and accountants will be booked out as everyone moves to file their tax returns. If any part of this confuses you, we’ve covered a lot of bases about tax on Lifehacker Australia and have gathered all our best tips for you below.
Everything you need to know about tax time
What should you start doing now?
The end of the financial year isn’t until June 30, but there are some things you can do ahead of that time to get your taxes in order.
Things like gathering your receipts and prepaying expenses can save you time and money in the long run and help squeeze some extra cents out of that annual return. You can also make use of a number of finance apps that will help.
If you’ve got money to burn, here are some purchases you can make that you may then be able to claim on tax.
Tax return tips
When it comes to the things you can actually claim on your tax return, expenses can range from obvious to unexpected. Not to mention there are some things you can do during the financial year that will add to your tax return later on. Here are some guides to help:
- How to lodge your return for the first time
- How to tell how much tax you’re paying
- Tips to get extra money out of your return
- How not to avoid messing up your return
- What’s the deal with crypto and taxes?
- Freelancer tax tips
- Claiming side hustles
- Declaring Facebook Marketplace sales
- Charitable donations
- Capital gains tax explained
- What not to claim
- Do you need to claim JobSeeker and JobKeeper?
- What happens if you forget to lodge your return?
- Smart things to spend your return money on
This is also a reminder that the tax return deadline is October 31, so mark your calendars and get all this sorted before then.
Working from home
Working from home is more prevalent in society than ever before, thanks to the pandemic, and the processes around tax claims have changed significantly over the past three years.
The Australian Taxation Office is the overlord of all things tax. It is through the ATO that you will file your tax, and in return, it will assess it and provide you with your return money, or they may take it from you if you’re found to be owing.
There are some useful things to know about the ATO heading into tax season, such as the claims it will be cracking down on this year.
You can also find lots of tax info on the ATO’s official website.
Finding a financial adviser
Sometimes, where applicable or affordable, it’s best to seek out a financial adviser to help with your money and taxes. If that’s you, we’ve got some articles that may help guide you:
- Tips for finding a financial adviser
- What to look out for when selecting an agent
- Is paying for financial advice worth it?
How does superannuation factor into all this?
Let’s not forget our retirement funds, aka superannuation, amongst all this talk of finances.
Those who earn a certain amount from their superannuation will face a more substantial tax rate in the future as the government makes some changes in the budget. Read more about that here.
It’s also a good idea to consolidate your super if you’ve changed funds between jobs. Here’s how to do that the easy way.
If you’re a low-income earner you might also be able to take advantage of the Super Co-contribution scheme.
For more tax information as we head into the EOFY, stay tuned to Lifehacker Australia.
This article has been updated since its original publish date.
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