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Tax Tips for Wage Earners

PIC_tax burden cartoonFor people earning a salary, July is the time to gather all your records and go and see your accountant. Individual tax returns can vary in complexity depending on how you made your income and what other investments you have. However, the more organised you can be for your tax appointment the better chance you’ll have at getting a better outcome.

Gather your receipts for expenses you have legitimately incurred whilst carrying out your job and/or self-education.

 

These can include:

• Interest earned on your bank accounts,
• Information on shares you own and dividend statements you have received throughout the year, Donations you have made to tax deductible organisations,
• Private health insurance statement,
• Income protection premiums paid, and
• Details on work related travel to claim including your log book or diary outlining kilometres travelled for what purposes.

Remember records are vital. If you can’t show the appropriate record and/or proof of purchase, you may be limited in what you can claim. Don’t just think of your accountant as your tax agent.

At BMO we pride ourselves in being your business financial advisers and your sounding board. Use the interview as a chance to discuss your future goals. If you are looking at purchasing a business, investing, want to review your budget, get tips on better record keeping, or review your home loan and insurances (such as life and income protection) we can help you.

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