Preparing for the EOFY

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Are you ready for the EOFY? We've listed ten ways to prepare for your annual visit to an RS accountant.

For individuals

Gather all your income and deduction information.
Understand the tax brackets and rates for the current financial year.
Determine if you're eligible for any tax offsets or rebates.
Familiarise yourself with the various deductions you can claim (or if you're unsure, ask your accountant before your appointment).
Ensure you've included all your sources of income, including investment income.
Check if you need to pay the Medicare Levy.
Keep in mind the deadlines for lodging your tax return and paying any tax owing.
Keep records of your expenses throughout the year.
Make an appointment with an RS accountant.
Review your tax return with your accountant before submitting it to ensure accuracy and completeness.

Ensure that you've kept accurate records of all your business income and expenses throughout the year.
Familiarise yourself with the current tax laws and regulations that apply to your business (or if you're unsure, ask your accountant before your tax appointment).
Understand the various deductions that are available to your business and ensure that you're claiming all that are applicable.
Determine if you're eligible for any tax offsets or concessions, such as the small business tax offset.
Check if you need to register for and pay GST (Goods and Services Tax).
Consider if you need to make any adjustments to your PAYG (Pay As You Go) instalment payments.
Keep in mind the deadlines for lodging your tax return and paying any tax owing.
Consider discussing with your accountant any potential tax planning strategies that may be available to your business.
Review your financial statements to ensure that they're accurate and complete.
Be prepared to provide any additional information or documents that your accountant may need to complete your tax return.