Just two days to go to 2015 Tax Season – top 10 last minute tips
There are just two days to go to the start of the 2015 tax season and Australia’s largest firm of tax accountants H&R Block has prepared the following tips to save tax and avoid errors when preparing tax returns.
1) Prepare and Declare ALL of your income – The Tax Office now receives much of your income information electronically from third parties, including most institutions that pay interest and dividends, foreign income from overseas tax offices, PAYG Summaries from employers and pension payments. There is no point not disclosing income because the chances are the Tax Office already knows about it.
7) Gather written evidence – for claims of more than $300, you must have written evidence with receipts, like credit card bills, phone invoices.
8) Defer taxable income – this is worthwhile if youare close to the top tax threshold of $180,000. If you’re expecting a bonus and have an understanding employer, it’s definitely worth considering.
9) Offset capital gains against capital losses – Ifyouhavea capitalgainin thisfinancialyear,looktoyourotherinvestmentsto seeif itis worthwhilerealising acapitallosstooffset against the capitalgain. You only have two days to take action but it could save you plenty in tax.
10) Seek expert help from a tax agent like H&R Block – They can identify what you need to do to get into shape for the 2015 tax season and maximize your deductions.
Source: H&R Block
