If you haven’t started your income tax return, now would be a good time. The deadline for income tax returns is 31 October, so it’s definitely time to get a wriggle on.
The first thing you need to do before you even consider filling out your tax return is to make sure that you have all the information that you will need at hand.
Better yet, get in touch with Dexterous Group and have it all done for you by our dedicated professional team of accountants. We offer affordable and reliable solutions to people who want their personal tax returns filed on time and error free. Our team will also advise you on what you need to pay income tax on, as well as what you can claim back from the Australian Tax Office.
If you engage Dexterous Group as your tax agent before 31 October, you will benefit from an extension.
Records you will need for income tax returns
For us to be able to file your returns correctly and without any risks, you will need to provide us with the correct documents, which include:
- Payment summaries – Outlines the income you have received from your employer, super fund or government payments
- Bank statements – Details any interest you have earned during the period and fees you have paid
- Shares, unit trusts or managed funds statements – Information on dividends or distributions you’ve received
- Buy and sell investment statements – Needed to calculate capital gains and losses
- Rental property records – If you use a property manager you will probably get an annual tax statement that details income and expenses, including any capital gains or capital losses from the sale of property
- Foreign income – Details of foreign pensions or other foreign income
- Private health insurance policy statement – Information needed to complete the private health insurance section of your tax return.
Lodge your income tax return before the deadline
If you are lodging your own tax return, you have until 31 October 2018 to do it. If you decide to use Dexterous as your registered tax agent, you will need to contact us before 31 October.