The new financial year has begun,
and the tax-man is knocking at your door again. Here are some key tips to send
him on his way with a smile:
Ensuring you have all the
accurate information makes the tax return process that much smoother. Before
you start, make sure you have all that paperwork ready to go. Hopefully you’ve
kept all necessary information very organised throughout
the year…
Some of the key documents you’ll
be needing are:
Your Income:
- Payment summaries
- Bank statements
- Shares, unit trusts or managed funds statements
- Buy and sell investment statements
- Records from your rental property
- Foreign income details
Your Expenses:
- Private health insurance policy statement
- Donation receipts
- Educational records and receipts
- Investment property receipts
- Your spouse’s income and expenses
- Union membership
- Work related expenses
Deductions are awesome. They
allow you to claim work-related costs against your tax, these can include sun
glasses, computers, vehicles etc. Although, one must remember that these
expenses must be:
Real – you must have spent the money
yourself for the product or service
Relevant – they must be related to your
job
Recorded – in the form of a receipt
The ATO has some good info on possible tax deductions based on your occupation.
As a Raiz investor, any realized
capital gains/losses through Raiz will be tax liable. We will produce an
annual tax statement for all investors by the end of July. These statements
will contain all details necessary for filling your tax returns.
If you have any further
questions about your tax statements please do not hesitate to email the
Investor Success Team at support@Raizinvest.com.au or alternatively call us on
1300 754 748.
Important Information
The information on this website is general advice only. This means it does not consider any person’s investment objectives, financial situation or investment needs. If you are an investor, you should consult your licensed adviser before acting on any information contained in this article to fully understand the benefits and risk associated with the Raiz product.
The information in this website is confidential. It must not be reproduced, distributed or disclosed to any other person. The information is based on assumptions or market conditions which change without notice. This will impact the accuracy of the information.
Under no circumstances is the information to be used by, or presented to, a person for the purposes of deciding about investing in Raiz.
Past return performance of the Raiz product should not be relied on for deciding to invest in Raiz and is not a good predictor of future performance.
