If you are booking a tax return South Coast appointment, the best thing you can do is prepare your records before you arrive. You do not need to have every answer, but organised documents help your accountant understand your circumstances and ask better questions.
Bring income records
For employees, much income information may already be available through ATO systems, but it is still useful to bring any payment summaries, allowances, Centrelink information, interest, dividends, rental income or other income records that apply to you.
Prepare deduction information
Gather receipts, invoices or summaries for work-related expenses, tools, uniforms, vehicle use, working-from-home expenses, professional memberships and training. If you are unsure whether something is deductible, bring it and ask.
For businesses, focus on clean records
Business owners should prepare sales records, expense records, bank statements, loan information, asset purchases, GST records, BAS history and accounting software access. Good bookkeeping makes tax return preparation easier and reduces the risk of missed information.
Think about what changed this year
Major changes can affect your tax return. Tell your accountant if you changed jobs, started a business, sold assets, bought equipment, used a vehicle for work, rented out property, created a company or trust, or changed your family circumstances.
Do not wait until everything is perfect. If your records are messy, an accountant can help you work out the next best step.
Ask questions before lodgement
Before your return is lodged, ask what has been claimed, what records you should keep, and whether there are improvements you can make for next year. A tax return appointment is also an opportunity to improve how you manage records going forward.
Hardy Accountants assists with individual tax returns, companies, trusts, partnerships and self-managed super fund tax compliance from Moruya on the South Coast.