The number one tip for maximising your deductions is to keep your receipts and records. It’s the best way to get the most out of your tax return and claim all of the possible deductions.
You will receive a number of different documents throughout the year that will be important to your tax lodgement. Records and documentation include:
- Receipts for business related purchases
- Payment summaries
- Group certificates
- Bank statements
- Business driving log books
- Dividend statements
- Rental or tenant records
These documents need to be kept for a minimum of five years.
Tax agents are bound by law as to what they can and can’t claim for you, so it is important to keep the basic information throughout the financial year. If supplied, ITP Qld is able to help in finding the best possible method to deduct all that you are entitled to this tax time.