Painful Piles of Paperwork
TAX TIME, TAX TIME, TAX TIME!
If you haven’t been keeping tabs throughout the year, pulling together your paperwork may be a bit of a challenge. No matter how hard, “nothing is IMPOSSIBLE, even the word itself says it’s POSSIBLE!” Plus the team at KMT would love to help YOU and YOUR FAMILY to reduce their tax burden, or maybe even assist you to deliver that long awaited refund! Piles of paperwork may be painful, but you cannot beat that #TaxRefundFeeling!
With today’s technology many of the banks, super funds, and Centrelink will pre-fill a lot of the crucial material, however you still need to double check you’ve got all the essentials together so we can do our very best for you when it comes to your tax return!
The team at KMT have compiled a list of some of the documents you may need for your 2015/16 tax return:
- Payment summaries – these outline the income you receive from your employer, super funds or payment from the government agencies like Centrelink. These might only be listed online, so make sure you log on to extract all the information you need.
- Bank statements – we need to know the #interest you have earned for the financial year. Again, these figures may only be available online, so grab some screenshots and send them our way.
- Shares, unit trusts or managed funds statements – you’ll need to work out any dividends or distributions made to you.
- Buy and sell investment statements – you can get these from your investment adviser or stockbroker if you bought or sold any shares.
- Records from your rental property – this includes information relating to a capital gain or capital loss from the sale of a property.
- Foreign income details – details of foreign pensions or other foreign income.
- Private health insurance policy statement – you will need this to complete the private health insurance section of your tax return.
- Donation receipts – from any approved charities you contribute to. Search your e-mail for key words like ‘donation’ and see if you can find any digital receipts that you may have missed.
- Educational records and receipts – not all expenses are claimable, see the ATO’s self-education expenses page for more information on what courses are eligible.
- Investment property receipts – these will help you claim the costs of repairs and maintenance on your investment property.
- Your spouse’s income and expenses – if you have a spouse, you will also need details of their income and expenses to make sure your entitlements are correctly calculated.
- Union membership – you can deduct the cost of your union membership from your taxable income.
- Work related expenses – you may be able to claim some work related expenses, but there are some expenses you won’t be able to claim even if they are work related. See our Driven to Deduct blog from earlier this year.
Changes to the Medicare levy and private health insurance rebate
Since 1 July 2015 the income thresholds used to calculate the private health insurance rebate and the Medicare levy surcharge have been frozen at the 2014-15 levels for 3 years. This could push you into a higher private health insurance rebate threshold if your income increases. This would mean that:
- If you have private health insurance, your rebate entitlement may decrease.
- If you do not have the appropriate level of private health insurance, you may have to pay the Medicare levy.
- If you paid the Medicare levy surcharge last year, the levy you pay this year may increase.
- If you receive a pay increase, you should contact your health insurer to ensure the correct rebate is applied.
#TaxTips #KMTLovesTaxTime #TaxRefund #ReduceTax #PainfulPaperwork