Thursday Thought: 5 Things to Remember when you complete your Tax Return this Year

  1. You must bring in your bank account details if you expect to get a refund. The ATO will only allow a tax return to be lodged electronically if there are the relevant bank account details included on the front page of the tax return (assuming a refund)
  2. You must bring your Private Health Insurance Tax Statement for the year ended 30 June 2015. This information has details that must go on the tax return including Total Premiums Paid – Amount Rebated and net amount paid. With different scales of Income (Tiers) it is important this info is provided correctly and accurately. Please wait to get the right info from the provider as the percentages have changed from last year.
  3. Correct Spouse Income and all forms of adjustments (that change this for Medicare levy purposes is compulsory to get 100% correct as different tax payable due to a spouses taxable income will result a lot easier for combined income levels exceeding $180,000.
  4. Makes sure you bring all your PAYG Summaries, all amounts of interest, dividends and distributions received and don’t forget to bring your tax deduction receipts.
  5. To ensure you get it right take your tax return to a Registered Tax Agent. If you do it yourself there is always the risk of doing something wrong.

Contact CTBS on (07) 32672111