Tips to prepare you for tax time

Tax time can feel stressful, but there are simple things you can do to make filing your return feel less daunting
when the time comes around. Here are some of the steps you can take all year round to help you prepare for tax
time.

Keep track of your documents

Use a clear filing system to store important salary, super or investment documents throughout the year, this will
make them easier to locate when you need them.

Make a savings plan

Tax time can be a great prompt to review your finances more generally. How much of last year’s salary were you
able to save? Take some time to implement a savings plan that works for you and your family.

Get advice

Financial management can be daunting, but there is always someone who can help. Make sure you seek help
from a professional adviser when you need it as it could save you money down the line.

Protect your income

Not only can income protection insurance help you cover your costs if you were unable to work due to sickness
or injury, the premiums may be claimed as a tax deduction to the extent the cover provides benefits designed to
replace your income.

Consider the Private health insurance rebate

Your eligibility to this rebate is income tested, meaning that if your income is higher than your rebate entitlement
may be reduced or removed. Many people may claim this rebate as a reduction in the premiums they pay to the
insurer or alternatively it can be a refundable tax offset.

Self-contribute to your super

By adding personal contributions to your super within the allowable limits, not only do you save a little more for
later but they may reduce your overall tax bill.

If you want to review your finances prior to preparing your tax return, get in touch with our Oran Park office by calling (02) 9188 1547 or email admin@rpwealthmanagement.com.au

 

 

 

The material shown in this article is for general information purposes only. It is not intended to be, nor should it be read as specific personal investment or risk advice.
Before acting on any of the information contained in this article you should obtain special advice from a specialist investment or risk professional, which is appropriate to your specific investment or risk needs, objectives and financial situation.
Whilst all care is taken in the preparation of this material, no warranty is given with respect to the information provided, and accordingly no responsibility for errors or omissions, including responsibility to any person by reason of negligence is accepted by RP Wealth Management.

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Ronald Pratap

Principal Financial Planner at RP Wealth Management | Financial Planning l SMSF I Insurance l Property Advisory. Our purpose is to provide our clients with sound advice and direction to assist with their financial affairs and help them make the best choices in achieving what is important to them.

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