Income tax year is between 1st July and 30th of June.
What you need to provide to your accountant depends on your occupation.
You can be an employer (working for set wages each week and the ermployer takes out the tax each week)
You can be a self employed person or contractor. EG: An Adult Industry worker, Hairdresser, Tradie, Make Up Artist, House Sitter or even a Dentist!
If you are an employee, you’ll need to provide to Figure It Out information (if we can’t already extract it from the ATO)
- Payment Summary
- Dividends Information
- HECS debt/Student loan
- Bank Interest
- Private Health Fund details
- Managed funds
- Work related expenses
- Trading Activities; EG Crypto
- Rental Property
- Personal Superannuation contributions you made
If you are a Self Employed person or contractor
- Income earned in financial year
- Any Pay As You Go (PAYG) payments you made
- Expenses classified; IE phone, rent, travel, materials
- Dividends Information
- HECS debt/Student loan
- Bank Interest
- Private Health Fund details
- Personal Superannuation contributions you made
- Managed funds
- Rental property
You have to have bank statements to show all the income deposited and receipts for all your expenses that you paid throughout the financial year and Figure It Out will assess if it is an allowable deduction or not.
It really is to your advantage to get your taxes done sooner rather than later in the financial year to avoid any potential fines and penalties from the ATO and we are only an email or phone call away or we would love to see you in our offices in either Hyde Park Sydney or South Yarra Melbourne.
Feel free to touch base to discuss how we can help you at tax time – Call 0411 235 084 or email info@figureitout.com.au
