End of Financial Year Planning – Individuals

What To Do Before 30 June

With the end of the Financial Year almost here, it is time to start thinking about how to minimise your tax and also what information is required for Rubiix to prepare your Income Tax Returns.

The following steps can be actioned before 30 June 2018:

• If you are contributing extra Superannuation Contributions then your Super Fund must receive the funds by 30 June 2018. Please note the maximum you can claim as deduction is $25,000 and this amount includes contributions made by your employer
• Donations can be made. Only donations made to registered Charities can be a tax deduction.
• If you are keeping a log book for motor vehicle expenses, please ensure that you have recorded correctly for at least a 12 week period
• Ensure you have record of the number of kilometres you have travelled for work related purposes
• Pay any work related subscriptions, memberships or income protection insurance policies to ensure they can be included in your 2018 Income Tax Return
• Collate information you have on the sale of any shares, property or any other capital assets. Information required include the purchase date and price of the asset and the sale date and price
• Prepaid any expenses in relation to your rental property
• If Rubiix did not prepare your Tax Return last year, ensure you have a copy of your Tax Return and details of any Accounting Fees paid

What To Do After 30 June

Now is the time to start getting all your information together so Rubiix can prepare your Tax Return and you can have your potential refund as soon as possible.

The following steps can be taken after 1 July 2018:

• Put together all details of all income received. This will include:
  • Receiving your PAYG Summary from your employer or superannuation fund before 14^th July 2018
  • Calculating the interest received on bank accounts during the year
  • Collating all dividend and distribution statements during the year
  • Ensure all rental income information has been provided by the real estate agent
• Ensure you have the following information on possible deductions:
  • Motor Vehicle Logbook is complete for a 12 week period and you have records for all motor vehicle expenses
  • A complete list of work related kilometres travelled if a logbook has not been completed.
  • Records for all work related travel that has not been reimbursed or paid by your employer
  • Details of any work related study expenses that has not been reimbursed or paid by your employer
  • Details of other work related expenses including home office expenses, telephone, internet, memberships and subscriptions
  • Receipts of any Donations paid
  • Annual Income Protection Insurance policies paid personally
  • Rental statements that show the expenses paid as well as details paid on any expenses, including interest paid personally.

If you require any more information, please contact our office on 03 9603 0066 or keep an eye out for our 2018 checklists on our website under ‘Client Information Centre’ coming soon.