What to do BEFORE you file your tax form

Monday July 20, 2009

The changing economic climate has resulted in many people having to address various new issues on their tax forms this year ranging from various forms of income, lost employment, multiple banks debts and payments or business downturn. As a result of the complications that arise in tax time and when lodging a tax form, there are a number of basic items that every individuals should check before submitting to get the most from their tax return.

• Charitable donations of more than $2 can be tax deductible
• Many jobs actually have assigned deductions fact sheets which outline everything a person working in that job is entitled too
• Individuals can claim up to $300 in work expenses WITHOUT receipts required
• There are also claims that can be made for miscellaneous work expenses that include one-off training, union fees, seminars and computer software
• Motor vehicle expenses may also be claimed if you use your car for work
• Superannuation Co-contribution can also be claimed up to an impressive $1,500
• Small business CGT concessions should be filed if you are a small business owner who is selling their own business assets

The Australian Taxation Office has released a number of information services and links on its website to assist people in filing their tax return and any complications that have arisen from the Global Financial Crisis.

Common questions and issues that the taxation office has been fielding range anywhere from people with reduced income, those who are now receiving benefits and have not completed a tax form with Centrelink details before, those who have filed bankruptcy, those with a self managed super fund that is experiencing difficulty and those with small business operation issues.

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