6 tips to get tax return-ready this EOFY

With the end of the financial year fast approaching, it's time to start thinking about getting your tax return in order. Whether you're a seasoned tax-filer or a first-timer,, navigating the EOFY process can be daunting. But fear not! We've compiled a list of top tips to help you get tax return-ready in an effort to maximise your refund this financial year.

1. Start Early: Don't leave your tax return until the last minute. Start gathering your documents and receipts early so you have everything you need to complete your return accurately and on time. This includes payment summaries, bank statements, receipts for deductible expenses, and any other relevant documents.
2. Organise Your Records: Keeping your financial records organised throughout the year can save you time and stress come tax time. Consider using digital tools or apps to track your expenses and income, making it easier to categorise and report them on your tax return.
3. Know Your Deductions: Familiarise yourself with the deductions you're entitled to claim to ensure you're not missing out on any potential tax savings. This may include work-related expenses, charitable donations, medical expenses, and more. Keep detailed records of your deductions to support your claims in case of an audit.
4. Seek Professional Advice: If you're unsure about any aspect of your tax return or have complex financial circumstances, don't hesitate to seek professional advice. A qualified tax accountant can help you navigate the tax laws, maximise your deductions, and ensure your return is accurate.
5. Don't Forget Super Contributions: Consider making additional contributions to your superannuation before the EOFY to reduce your taxable income and potentially boost your retirement savings. Remember to stay within the annual contribution caps to avoid penalties.
6. Lodge Your Return on Time: Don't procrastinate when it comes to lodging your tax return. The deadline for individual tax returns is usually October 31st, but it's always best to submit early if possible. Failing to lodge on time may result in penalties or interest charges.

By following these top tips, you'll be well on your way to getting tax return-ready this EOFY. Remember, preparation is key, so start early, stay organised, and seek professional advice if needed

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