Suggested Use: Personal Tax Return
The objective of doing your personal tax return should be that you submit an accurate and timely personal tax return and don’t miss any deductions.
The late and great Kerry Packer famously said, “I don’t know anybody that doesn’t minimise their tax … Of course I’m minimising my tax, and if anybody in this country doesn’t minimise their tax they want their head read. As a government I can tell you you’re not spending it that well that we should be donating extra”. I think Kerry Packer's tax advice is still relevant. If you want to watch the video on our YouTube channel click here.
Steps to Complete your Personal Tax Return
- Check the government website for information on which expenses are potential deductions on your personal tax return.
- Check the government website for details of records you need to keep.
- Use this app to track and categorise expenses that are potential tax deductions. to ensure these are included in the conversation with your tax accountant.
- Engage a good tax accountant to ensure your return is correct and lodged on time.
Check Bank Transactions for Potential Personal Tax Return Deductions
Use the "Create Rule" interactive screen to quickly and easily create rules for transactions that are potential personal tax return deductions. As a suggestion have "Personal Tax Deductions" as hierarchy one and the description of what was purchased as hierarchy two.
The example below shows the "Analysis" screen showing $3,209.40 of incurred costs during the year that are potential tax deductions that a tax accountant can determine if they are eligible.
