Tax Tips For Individuals 2023

Tax Tips: For Individuals 2023

Although your tax return is not due for a few months yet, the end of the financial year is near. Get ahead now by preparing all the documents required for your 2023 tax return so you can get your tax done quickly and get any refund due to you in your bank!

Income

The Australian Taxation Office (ATO) automatically receives information from your employers about salary and wages that you have been paid for the financial year.

You need to declare all income, (even if it’s just a small amount), from other sources on your tax return as well. You’ll also need documents such as statements, invoices and reports to show all earnings.

Work-Related Expenses

Employees are entitled to claim work-related expenses as a tax deduction. To claim a deduction, you must have spent the money out of your own funds and not have been reimbursed by your employer. The expenses must relate to your earnings as an employee. Make sure you have invoices and receipts as proof of payment for any work-related expenses.

Expenses you may be able to claim

Book a time with us now to prepare for your tax return and we’ll make tax time easy for you – and get any refund that might be due to you processed quickly!