Tracking your tax

1 Jul 2010

It’s July again. A new financial year already. It’s not a time for resolutions – we had our chance with those six months ago. But it is a time when we’re all forced to reflect on the last 12 months in a purely financial way. Yes, it’s tax time.

Let’s face it. The tax system isn’t getting any simpler. Successive governments have reviewed our tax legislation, the most recent being the Henry Tax Review, but it never gets any easier to complete a tax return. There are so many elements you need to keep track of. And it’s not just about avoiding penalties by getting your income right. It’s also important to ensure you don’t lose money by omitting legitimate deductions or overlooking any rebate entitlements.  

Whether you prepare your own tax returns, or if you are like an increasing number of time-poor people who seek professional help, you’ll have to dive into that shoebox and source a few documents beforehand. The best way to get everything you need together, before you tackle it yourself, or hand it over to a tax agent, is to work from a handy list.

To help you prepare for tax time 2009/2010, we’ve produced this comprehensive checklist. 

If you’re looking for some tax advice for yourself, for your business, or for a self managed super fund, we can help you. Simply contact Outlook Tax & Accounting Pty Ltd on 1300 883 122.

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