• Michael Bachmayer

What should you do before 30th June 2022?


If you are a sole trader or an individual looking forward to getting your taxes done, there are a few things you should get ready before the end of this month. This would allow you to maximise your deductions by making sure you don’t miss anything.

Individuals

  1. If you wish to maximise your deductions for 2022 then any work / business-related purchases should be made before 30th June. Make sure you keep your receipts!

  2. Did you use your car for work? You may be able to claim a deduction.

  3. Did you do any work-related study you could claim (should you prepay any)? Please note – any courses covered by HECS are not deductible however courses covered by FEE-Help may be deductible.

  4. Any last-minute donations red cross etc? Please make sure they are deductible gift recipients (DGRs).

  5. Do you have a rental property? Should you get a tax depreciation schedule from a quantity surveyor?

  6. Did you make any capital gains (shares/property / crypto)? Are you down on any other CGT assets and should you sell them before 30th June so you can use the losses to offset your gains?

  7. Did you work from home? Make sure you have a recording/diary showing your pattern of usage for the home office.

  8. Did you use your mobile phone for work? You may be able to a deduction however we’ll need a work-related percentage.

  9. Looking for additional deductions? Consider whether there are any expenses you can prepay for next year (for example income protection and other deductible insurances, rental property costs, interest, etc)

  10. Did you get paid a meal allowance? Ask your boss for documentation showing your nights away to bring to your tax appointment.

  11. Consider whether you wish to make an additional super contribution – as long as you have not exhausted your concessional contributions cap you could claim a tax deduction for the contribution and boost your refund. Should you make use of the super carry-back provisions (if you’ve already exhausted the $27,500 for 2020)? If you have made additional contributions you need to lodge a notice of intent to your super fund before you can claim them as tax deductions. Bring the written response from your super fund to your tax appointment.

  12. Collate all your receipts to bring to your appointment. Also, make notes of any questions you wish to ask.


Sole trader/business

  1. If you’re a sole trader consider whether you need any new equipment/assets. You will probably be able to claim a full deduction for these purchases due to the instant asset write-off.

  2. Write off any bad debts you have in the business so you are not paying taxes on them!

  3. If you have stock – do your stocktake! We will need those figures for your financial statements/tax returns (unless you’re eligible to estimate your stock levels which must be within $5,000 of last year’s stock count)

  4. If you have a trust set up, you will receive a distribution minute before 30th June. Make sure you read and understand it, then sign and return it to us.

  5. Payroll needs to be finalised including STP lodgements.

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