By Tui Silvester
Tips to help you get tax ready.
How you get your end of financial year information from your employer showing your earnings for the year (also known as a payment summary or income statement) depends on how your employer reports your income, tax and super information to us. You will be provided with either:
Deduction information for employees
The ATO have provided a number of factsheets relating to specific deduction items in the individual tax returns, these include Clothing and laundry, Employees working from home and Self-education expenses. These factsheets provide guidance as to what you can and can’t claim as a deduction, together with information on records required to substantiate these claims.
There are also occupation and industry specific guides available for 30 different industries, providing information around common claims for that particular industry, these can be useful to ensure you are providing your tax agent with the information for all deductions you are entitled to. These guides can be found here.
Client Services Manager
Keeping on top of payments coming and going to your bank account can take a lot of time. Keep reading to better understand the bank reconciliation process and how software tools can alleviate this task. Read More…