The new financial year has begun, and the tax-man is knocking at your door again. Here are some key tips to send him on his way with a smile:

Ensuring you have all the accurate information makes the tax return process that much smoother. Before you start, make sure you have all that paperwork ready to go. Hopefully you’ve kept all necessary information very organised since throughout the year…

Some of the key documents you’ll be needing are:

 Your Income:

Payment summaries

Bank statements

Shares, unit trusts or managed funds statements

Buy and sell investment statements

Records from your rental property

Foreign income details

Your Expenses:

Private health insurance policy statement

Donation receipts

Educational records and receipts

Investment property receipts

Your spouse’s income and expenses

Union membership

Work related expenses

It’s important to note that since July 1^st 2015, there have been changes to the Medicare levy and private health insurance rebates. They have frozen the levy surcharge at the 2014-2015 level for 3 years.

Deductions are awesome. They allow you to claim work-related costs against your tax, these can include sun glasses, computers, vehicles etc. Although, one must remember that these expenses must be:

Real

– you must have spent the money yourself for the product or service

Relevant

– they must be related to your job

Recorded

– in the form of a receipt

As an Raiz investor, any realized capital gains/losses through Raiz will be tax liable.  We will produce an annual tax statement for all investors by the end of July. These statements will contain all details necessary for filling your tax returns.  

 If you have any further questions about your tax statements please do not hesitate to email the Investor Success Team at support@Raizinvest.com.au or alternatively call us on 1300 754 748.