Sub category: Superannuation
4 June 2019

Let’s ring in the End of Financial Year

End of Financial Year is almost here and you know what that means? A potential tax return could be heading your way. Before you start thinking of ways to spend that extra cash, here are our top tips to help you prepare for EOFY.

Get your docs sorted, stat.

You’re probably already aware of the obvious, like payment summaries and bank statements, but what about the rest? Don’t forget to include shares, unit trusts or managed funds statements, your private health insurance policy statement, records from your rental property, and any foreign income.

Leave it to the ATO

Most of your details will be pre-filled by the ATO by mid-August, making the whole process smooth sailing for you.  If you lodge your tax return before then, you will need to make sure you declare all your income, including income from pensions, investments, crowdfunding, and the sharing economy such as Uber or Airbnb.

DIY is simpler than you think

Lodging your tax return yourself may seem overwhelming, but it can be very straightforward – and free! To use the ATO’s myTax online system, all you have to do is create a myGov account and link it to the ATO. If your tax return is more complex, a registered tax agent (i.e an accountant) can prepare and lodge it for you for a fee. Registered tax agents are the only people allowed to charge for this.

Claim what’s yours

Don’t let work-related expenses go unclaimed, or you could be missing out on additional $$ in your tax return. The types of work-related expenses you could claim include:

  • Some vehicle and travel expenses.
  • Clothing, laundry and dry-cleaning for uniforms and occupation-specific clothing like chef’s pants or safety vests.
  • Gifts and donations to ATO-endorsed organisations.
  • Home office expenses such as computers, phone and internet (but only the proportion that you use for work).
  • Study that’s relevant to your current job.
  • Books, magazines and other subscriptions that’s relevant to your current job.
  • Protective gear and equipment.
  • Personal super contributions.

It’s important to speaks to an accredited accountant to get a clear understanding of what you could claim for.

Boss your taxes next financial year

There are heaps of apps available that help you keep track of expenses and lodge receipts. MyDeductions is a free record-keeping tool within the ATO app. You could make it your new financial year’s resolution to download it and keep on top of your finances.  You’ll be high-fiving your past self next financial year.

A super tip to boost your return

Pre-tax super contributions can lower your taxable income, so take advantage by contributing what you can but keep in mind there is concessional contribution cap threshold. The combined total of your salary sacrifice, employer contributions and other voluntary pre-tax contributions cannot exceed the concessional contribution cap threshold of $25,000.  Salary sacrificing may sound like a bad thing, but it can be very smart, so talk to your employer about it. If you have a financial advisor, you can also speak to them for more info on this and other super strategies you can take advantage of.

You can also make personal after-tax super contributions (i.e. non-concessional contributions) and claim a tax deduction later. To do this, you’ll need to complete a form called a ‘Notice of intent to claim or vary a deduction for personal super contributions’ and give it to your superannuation fund. Catchy name, right?  To learn about the requirements around making a deduction for personal super contributions and what to do with the notice of intention after completing the form go here.  With Living Super, you can complete the form online by logging in. Speak with an independent financial planner if you need support.

Also with ING Living Super, you can keep up to date with your account online to make sure you’re in the best position in time for the EOFY.

The information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you ING Living Super (which is part of the ING Superannuation Fund ABN 13 355 603 448) is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635 and the issuer of interests in the Fund. ING Living Super is a product issued out of the Fund. ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL 229823, is the Promoter of the Fund. You should consider the Product Disclosure Statement, Product Guide and Financial Services Guide available at ing.com.au when deciding whether to acquire, or to continue to hold, the product. Living Super is not available for U.S. Persons (i.e. if you have U.S. residential, postal or fiscal address, phone number, citizenship, Green Card or any U.S. related proxy). Before interacting with us via our social media platforms, please take a minute to familiarise yourself with our Social Media User Terms https://www.ing.com.au/pdf/Social_Media_User_Terms.pdf.

The information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Deposit products, savings products, credit card and home loan products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823. ING Living Super (which is part of the ING Superannuation Fund ABN 13 355 603 448) is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635. The insurance cover offered by ING Living Super is provided by Metlife Insurance Limited ABN 75 004 274 882, AFSL 238096. ING Home and Contents Insurance is issued by Auto & General Insurance Company Limited (AGIC) ABN 42 111 586 353 AFSL Licence No 285571 as insurer. It is distributed by Auto & General Services Pty Ltd (AGS) ABN 61 003 617 909 AFSL 241411 and by ING as an Authorised Representative AR 1247634 of AGS. All applications for credit are subject to ING's credit approval criteria, and fees and charges apply. You should consider the relevant Product Disclosure Statement, Terms and Conditions, Fees and Limits Schedule, Financial Services Guide, Key Facts Sheet and Credit Guide available at ing.com.au when deciding whether to acquire, or to continue to hold, a product. Before interacting with us via our social media platforms, please take a minute to familiarise yourself with our Social Media User Terms https://www.ing.com.au/pdf/Social_Media_User_Terms.pdf.

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