Tax Time

Ah, the dreaded tax return. When June 30 rolls around every year, life is much easier if you view doing your tax as an opportunity instead of a chore to be delayed as long as possible.

Methods

As of 2015, MyTax will be the preferred method for everyone with a straightforward employee income situation. Meanwhile, e-tax remains available for those with more complicated income from sources such as businesses, interest, or investment properties. And did you know if you earn $50,000 a year or less, you may be able to take advantage of the ATO’s  free Tax Help?

Tax Related Information

The ATO has some great information on their website, and you can Use our Income Tax Calculator to work out what your marginal tax rate might be and how much tax you might need  to pay. Investigate any tax offsets that might apply to your situation. Make the most of any deductions you can claim.

Tax Deductions

Everyone should aim to claim the deductions most workers are entitled to, as well as other deductions many workers can claim.  If you own a small business or use a home office, you can claim a whole bunch of extra deductions. Also take note of the things you can’t deduct. The ATO has some really comprehensive information available online.

If you don’t already have a financial planner, now could be the time to find some advice about minimising your tax and maximising your savings.

Retirees especially need to get tax smart about finding the best ways to earn interest on their savings without losing it all in tax.

If you have an investment property, you might need to learn about negative gearing and decide whether or not it could help you.