It's almost that time of year - tax time. June 30 is just around the corner, which means now is the time to get your personal finances in order to take advantage of the special tax breaks the Federal Government has put in place to help Australians face the challenging economic climate.
So here's a checklist of things to remember when you're preparing your tax return for the 2008-2009 financial year.
1. File your 2007-2008 tax return to ensure you receive the government's tax bonus payment
If you haven't already filed last year's tax return, now is the time to do it. Failing to submit last year's tax return by 30 June will mean you miss out on the Federal government's bonus tax payment of up to $900. So if you haven't put in last year's tax return, do it now!
2. Take advantage of the education tax refund
If you are the parent or carer of a child in primary or secondary school, you may be eligible to claim an education tax refund. Eligible carers or parents can claim up to $750 in education expenses for each child in primary school, with a maximum refund of $375 per child and up to $1,500 in education expenses for each secondary school child, with a maximum refund of $750 for each secondary school child.
Expenses that are covered by the education tax refund include things like computers, software, textbooks and stationery. Things that are not covered include things like school fees, uniforms and excursions. To claim a refund the item must have been purchased between 1 July 2008 and 30 June 2009.
3. Make sure you claim every eligible tax deduction
To reduce your total tax bill, it's essential to claim every eligible tax deduction you can. If you donated money to the Red Cross during the Victorian bushfires, for example, make sure you include this in your tax deductions for the 2008-2009 tax year. If you incurred education expenses directly related to your work, make sure you claim this as well. If you have medical expenses in excess of $1,500 you may also be able to claim a 20 percent tax offset for these expenses.
There are also a host of other deductible expenses, depending on your job and your income. But it's essential if you want to claim these as tax deductions to keep receipts to prove you actually incurred the expense.
4. If in doubt, seek advice
Although it's relatively easy to file your tax return yourself using the government's e-tax software, it's also an idea to use a registered, experienced tax agent to complete and file your tax return if you are in any doubt about how to complete your tax return properly.
A good tax agent will often be able to identify eligible deductions you may not have realised you can claim. Using a great tax agent to help you complete your tax return will also give you peace of mind you have met your tax obligations and stayed within tax laws.
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