Tax time can sometimes seem a little overwhelming – especially when you have piles of scrunched-up receipts staring at you from a shoe box. To help you combat this stress, we have put together a list of tips to help this financial year.
Buy deductible items now
Buy expensive items that are tax deductible before 30 June, that way you will lessen the time where you are ‘out of pocket’ with that capital.
Time it right
If you are expecting a tax return and are in urgent need of funds, do your tax return straight away to get the money as quickly as possible. However, if you are going on an overseas trip in October then consider leaving your tax return for a few months – think of it as a forced holiday saving plan! Also, don’t forget to select the electronic payment method – that way the refund will be deposited into your bank account rather than you receiving a cheque.
Don’t be late
Completing your tax return on time will avoid any penalties from the ATO.
Sort it out
Organise all of your tax receipts and get everything organised now. Your tax will be so much easier to figure out if you have all of your records in order. A great way to do this is through a free Tax Record Kit.
Tax rates 2011-12
If you earn over the tax free threshold you will be required to submit an individual tax return to the ATO for the 1 July 2011 – 30 June 2012 financial year. If you are submitting your personal income tax return yourself it must be lodged with the Tax Office by 31 October. However, if your return is prepared and lodged by a registered tax agent then the deadline is significantly extended.
|Taxable income||Tax on this income|
|0 – $6,000||Nil|
|$6,001 – $37,000||15c for each $1 over $6,000|
|$37,001 – $80,000||$4,650 plus 30c for each $1 over $37,000|
|$80,001 – $180,000||$17,550 plus 37c for each $1 over $80,000|
|$180,001 and over||$54,550 plus 45c for each $1 over $180,000|
If you ever have any doubts in regards to taxation contact a professional immediately. Here at The Quinn Group our experienced team of accountants and tax agents can assist you to minimise your tax and answer any queries you may have. For more information submit an online enquiry or call us on 1300 QUINNS (784 667) to book an appointment.