Tax Time - Part 1
Date Posted:20 June 2023
6 Great Tax Tips for Nurses - get organised!
- Choose how you will lodge your tax return. 74% of Aussie lodge their tax through an accountant. You can also lodge it yourself. https://www.ato.gov.au/Individuals/Lodging-your-tax-return/
- Get organised and prepare your paperwork. I like having a spreadsheet with the income, investments and work related expenses this helps me get organised and I can compare year on year.
- Start with a copy of last year's tax return, plus any records of shares, business, bank interest, investmet properties, pensions or government payments. Private health insurance, spouse details and children's date of birth will also be required. Record all your income. When you receive your group certificate, and any other income derived from over sources; record the income, tax paid and any other deductions.
- Get all your work related receipts ready. Start recording these on the spreadsheet. Refer back to last year and look what you have claimed on. Next week will give some great tips on what you can claim on, such as unions fees, work uniforms, etc.
- And don't forget: The Tax Office no longer issues refunds by cheque so you must provide your bank account details, including the BSB and account number on your return.
- You can claim a deduction for all self education expenses if your course or products relate directly to your job.
Don't let tax time stress you out. Get organised early.
Maximise your tax return with these great tips.