GET READY FOR TAX TIME
Reception • June 9, 2021
Whether you are working with an Accountant or Agent, or going it alone, it is important you get ready for tax time. And while the latest ATO electronic lodgement system pre-fills some information, you need to be able to verify this information and support your deductions.
Here are some key steps to getting tax time ready:
1. GET YOUR BASIC INFORMATION TOGETHER
- Tax File Number
- Bank Account Details
- Medicare Card
- Health Insurance Details
2. DECIDE HOW YOU WILL LODGE YOUR RETURN AND MAKE A PLAN
If you will lodge your return with the help of your Accountant or a Tax Agent, now is the time to make that appointment and get the ball rolling! Working with an expert can help give you confidence you’re both compliant and maximising your return.
If you are going to lodge it yourself using myTax be sure to familiarise yourself with the instructions and details of eligible expense claims.
3. Document your earnings
- Are you an Employee? Your employer is required to provide you with a PAYG Payment Summary by the 14th July (though some issue them much sooner).
- Are you Self-employed? Work with your bookkeeper and/or accountant to establish your earnings.
- Do you have investments? You will need to gather information about any shares, managed funds, interest on bank accounts, or other investments.
4. Collate your receipts (& documentation for other expenses)
- Get your receipts together! If you haven’t been using an electronic system to manage your receipts, make sure you spend time now to collate them to support your claims. (Apps such as ATO, ReceiptBank, etc can make this an easier process next financial year.)
- Consider your work-related expenses such as uniforms, training and what you can claim for working from home. Some of these may require records such as timesheets, invoices, or other documentation.
- Check your work-related travel records. We might not have been able to travel nearly as much as previous years, but don’t forget what work-related travel did happen.
- Are you self-employed? Work with your bookkeeper and/or accountant to assess your business expenses.
5. Gather additional information
- Do you have a partner? If so, what is their taxable income?
- If you pay child support, how much did you pay this financial year?
- Do you own a rental property? You will need to collate information on rent received, interest paid on the mortgage and any other property related expenses (check for receipts!)
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Disclaimer: This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply. © 2021
Any property guru worth their salt will tell you that a dream property investment has nothing to do with a prestigious address or sleek amenities. The ultimate goal, is to find that perfect “high yield” property that will give you maximum returns for as little input as possible. Yield refers to the amount of cash a property produces as a percentage of its value and is calculated by the rental income you are receiving compared to the purchase price. There’s a lot more that goes into the calculations, which I’m happy to run you through, but to give you an idea on what to look for, I’ve put together some simple tips. 1. Do your research. There are plenty of stats out there that will give you the median rental yield for each suburb. This is a great place to start! 2. Look for dual income properties such as a house with a granny flat. You can potentially have two streams of rent coming in, meaning the chance for a higher rental yield significantly increases. 3. Have you thought about looking rurally? Country towns offer some great properties at a low price and because the cost of living is low, the rental yields tend to be higher. 4. Always think forward. Be on the lookout for up-and-coming areas and ask yourself if they’ll still be flourishing in five years time. At the end of the day, you need to be realistic. Just because a property has a high yield doesn’t mean it’s going to be a great investment. As a mortgage broker, I can talk you through your options for investment loans so you can see what your monthly outgoings might look like. Please call our team on (03)8657 8664 or email reception@futurefinancegroup.com.au to arrange an appointment.
The continuing boom in property prices has tempted many homeowners to invest in renovations to maximise the value and then put their home straight on to the market. There’s no doubt you stand a better chance of enjoying a great return on your investment if you modernise your home. Properties that enjoy a mix of the traditional and the contemporary are in big demand among today’s buyers and nothing ticks the boxes more than a brand new kitchen or bathroom. Two increasingly popular features at the moment are a dedicated home office and a design that connects the indoors with a garden or entertaining area. But renovation projects of this size can become expensive. If your budget doesn’t allow for large-scale upgrades, there are plenty of ways to enhance the value of your home at little cost. Here’s a seven-point guide to upgrade your home. 1. Break out the brushes It’s amazing how a fresh coat of paint will improve a property. Don’t focus only on the walls but attend to the skirting boards, ceilings and architraves. Select neutral colours as these make rooms feel bigger. 2. Go green Small-scale improvements to your gardens work wonders. Focus on the front yard as this creates an all-important first impression. 3. That’s entertainment If your property lacks an area to entertain, this is a great low-cost project to enhance your property’s desirability. Consider adding a deck or a barbeque area. 4. Floor ’em A mixture of different floor types can make a home feel bitsy while a home with consistent flooring creates a great sense of flow. Replacing the floor can be a painful project but you’ll be amazed how much bigger your home feels. 5. Say it with storage You can never have too much storage. A bedroom without built-in robes is just asking for clothes on the floor. Think about storage in bedrooms, bathrooms, kitchen and laundry and looks at ways to create clever storage solutions in nooks and under the stairs. 6. Kitchen upgrades If yours is a little tired, don’t worry – you don’t have to rip it out and spend big dollars. Consider replacing only the doors, drawers and handles. You’ll achieve a transformation at the lowest possible cost and it will feel like new. 7. Unbeatable bathroom Like the kitchen, this can be an expensive renovation. You can avoid replacing tiles by using a professional company to spray-paint them. This treatment can also be applied to sinks, baths and showers. New tapware and shower screens complete the refresh for a fraction of the cost of ripping and replacing. Please call our team on (03)8657 8664 or email reception@futurefinancegroup.com.au to arrange an appointment. *This article is provided for general information only and does not take into account the specific needs, objectives or circumstances of the reader. Before acting on any information, you should consider whether it is appropriate for your personal circumstances, carry out your own research and seek professional advice.
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