Tax Return Planning

As the 2014/2015 financial year end fast approaches it’s time to begin planning so you’re able to maximise your possible tax refund. Reviewing the nine months that have passed is a great place to begin and plan for your visit to your accountant to complete your tax return.

The end of the Financial year can cause some distress as most of us have been too busy to give it a second thought.  However, with a little bit of forethought the visit to your accountant can be an exciting time (tax refunds are always a welcome sight!).tax_time

Now is the time for some tax return planning and a good starting point is to dig out last year’s return, review deductions claimed and make sure you have receipts or supporting evidence for the claims, if circumstances have not changed.

Next step is to reflect on any changes to your circumstances, for example change of employment, property investments etc.  These changes can have different record keeping requirements and if you are unsure as to the necessary documentation you may need to call your accountant to ensure all is in order come time to prepare your tax return.

Remember, usually by the time you see your accountant, the financial year has ended and no changes can be made, so with great planning you’ll increase the chance for your tax refund to reflect all the eligible deductions you’re due and be a true representation of your hard work!

Optima Partners have a thorough checklist that you can review to ensure you are not missing out on what is rightfully yours.   So start planning your financial outcomes today.

Contributed by


Annette Hunter

Senior Accountant

Optima Partners – April 2015

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