Preparing for EOFY is a responsibility all adults have to manage and while some people opt to submit it themselves, many others hand their files over to an accountant to let them crunch the numbers instead. If you fall into the latter category, whether it’s to help you save time, because you have a lot of assets and financial responsibilities to manage or just prefer for a professional to prepare your tax return, there are a few things you can do to make this process even more seamless.
While accountants can help you minimise tax obligations while remaining legally compliant, there are a few essential documents needed to get started. To help you prepare for this EOFY year and stay on track all year-round, Locumsgroup have prepared a short, concise list to help you prepare for speaking with your accountant.
Income checklist
Your accountant will need to see a list of every source of income you receive, whether that’s an annual salary or through other assets like cryptocurrency. Below are a list of common income categories to be aware of:
- Salary
- Lump sum termination payments
- Properties
- Cryptocurrency
- Super funds or trusts
- Shares
- Rental income
- Childcare support
- Government assistance
- Bonuses
- Partner’s income
Expenditure checklist
In addition to your income, it’s also important to keep track of expenditure. Below are a list of expenditures you may need to provide your accountant to properly understand your tax obligations:
- Investment property purchases
- Work-related expenses such as travel, equipment, training, gifts
- Charitable donations
- Childcare expenses
- Self-employment expenses
- Medical expenses
Two good habits to get into
In addition to preparing for this EOFY, there are a few good habits you can start now to help your future self come next EOFY. These include:
- Maintain organised records: Keep a record of and organise all of your different expenses throughout the year including invoices, bank statements, receipts and other relevant documents. This includes tracking work related expenses that are not reimbursed by your employer, donations or other costs. For printed receipts, always make a digital copy as the ink is designed to fade.
- Gather Income Statements: When your income statement is emailed through, whether that be weekly, fortnightly or monthly, keep a record of these for yourself for easy reference.
Not only will your accountant be most pleased with you, but EOFY planning will be significantly more simple, efficient and leave you with more time to enjoy what you do best. While the above is a guide to get you started, for more detailed information visit the ATO or speak directly with one of our expert accountants today here.
