Speak Out June 2017

Talking about tax…. making it easier to get it right

your tax return will reduce the chance of you forgetting something. If you realise you’ve made a mistake, or left something out, you can request an income tax amendment to fix up any errors using myGov, or just speak to your tax agent. 3. Leave the shoe box for shoes… If you haven’t already, why not download the ATO App? The ATO App is a quick and simple way for you to track your expenses in real time, take and store photos of your receipts and prefill your tax return all in one handy spot. This leaves the shoebox for shoes, not receipts. The myDeductions feature lets you record: • vehicle use records, such as travelling between two workplaces (for example, between two hospitals when you are visiting clients); • receipts for equipment you purchase and use for your work, which could include, clamp-on mirrors, or go- talk communicators; and • other expenses you may have had in earning your income such as professional indemnity insurance or subscriptions to journals. The app also allows you to digitally send all your expenses directly to your registered tax agent if you use one. For more information Visit the ATO website, ato.gov.au/myDeductions, or ato. gov.au/deductions Stay updated via ATO social media. Like, follow, connect or subscribe for the latest tax and super information and changes, initiatives, products and services, as well as reminders and tips to help you manage your tax affairs. Search for the ATO on Facebook, Twitter, LinkedIn and YouTube. If you have more questions you can phone 13 28 61 between 8.00am and 6.00pm, Monday to Friday, or use the other ATO contact options outlined above.

THE AUSTRALIAN TAX OFFICE recently put together some tips to help you to get things right in your tax return. Tax time is fast approaching again; when you are ready to lodge your tax return this year, you can use myTax or a registered tax agent. If you are preparing to lodge your own tax return you have until 31 October to lodge; if you are using a registered tax agent you should make contact with them before 31 October. Last year 85 per cent of speech pathologists lodged their tax return on time, which means very few of us were hit with a late lodgment penalty. The ATO has the top three tips for making tax time hassle- free this year. 1. Know what you can and can’t claim Work-related expenses are costs you incur that are directly related to earning your income. These might include self- education or professional memberships, for example your membership with Speech Pathologists Australia. To claim a work-related expense, make sure: • you spent the money yourself and weren’t reimbursed for it, • it was directly related to earning your income, • you have a record to prove it. 2. Avoid common mistakes Every year the most common mistake the ATO finds is people forgetting to declare all their income (for example, bank interest). If you lodge online, information provided to you by your employer, banks, government agencies and other third parties is pre-filled into your tax return. Most pre-filled information is available by August. Waiting until then for your personal information to be pre-filled into

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June 2017 www.speechpathologyaustralia.org.au

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