Your 2016 Tax Guide – Made Simple

Guess what readers, it’s that magical time of year again. A time when we look at our bank accounts and start thinking “where the heck did all my money go?!” (But if you subscribed to AJ you’d know because you’re using our free budget tracker to record your expenses, right?). So, if you’re feeling a bit down about not being able to take that mini holiday, or buy any material items you desire, remember boys and girls… it’s tax time! (let’s be honest though, you’re better off saving this money or investing it). We’re here to just remind you of a few things you’ll need to consider and pay attention to this financial year when lodging your tax return.

  1. It’s extremely straight-forward and simple. First you’ve just got to set up your myGov account if you don’t have one already and link the ATO to your account. Don’t worry, it will walk you through these steps and how to go about doing this. You can even pre-fill in your information as you gather it all before lodging them.

If your taxes are a bit more complex and you don’t feel confident doing them yourself, you may want to have an accountant do it for you (don’t worry, you can claim their fees on next year’s tax return). However, if you can avoid these fees, it’ll save you a few hundred dollars, and you should be able to get the same amount of tax back. If you have any smart friends who are accountants – find out how to bribe them and they’re all yours, maybe take them out to lunch first though before you ask them to get dirty in your numbers!

Benefits of e-tax myGov tax return system? 1. Available for lodgement 24/7 2. Typically get your refund in as little as 2 weeks ( a lot faster than going through an accountant) 3. It’s secure. 4. Your refund will go directly into your nominated bank account (you enter your account setting up myGov)

2. Everybody wants the D, or to give it… so let’s make sure we get all those deductions possible. I have a friend who used to be able to claim pizza because of the career she was in… yes, true story. Work from home or use your phone a lot for business… that’s a possible deduction on that phone bill. However, there are some strict guidelines on what you can and can’t deduct! To get you started take a look at this link below to make sure you cross all these off your checklist.

https://www.ato.gov.au/Individuals/Income-and-deductions/Deductions-you-can-claim/

If you already know you do a lot of errands for work and go to an accountant to help you get all your deductions in order, maybe have a look at the new myDeductions app. It can help you throughout the year to keep your deductions organised. Best yet? It’s all free. Meaning if you want to do your taxes yourself, you can be sure you’ve got all your deductions in place without coughing up a cent!

https://www.ato.gov.au/General/Online-services/In-detail/Transact-Online/myDeductions/myDeductions/

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s