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Are you ready for 1 July?

There are many keen beans ready to have their 2023 personal Income Tax Return prepared and lodged.

Believe it or not, most people won't have all the information required right on 1 July in order to prepare their Income Tax Return.

Most employers won't have submitted their yearly STP (you may know it as the old school Payment Summary) until the second week in July. Until this is submitted by your employer, it won't come through from the ATO on your prefilling report.

While you are waiting for the ATO to receive all information required for your prefilling report (wages, interest, private health insurance details etc.), you should:

- Gather all your work related expense receipts.

- If you are claiming MV expenses, ensure you can find your 12 week logbook. Ensure it reflects usual work related usage and isn't older than 5 years old.

- Gather all 'other' income details such as interest, dividends, trust distributions. Even though the ATO gets these details from providers, it can sometimes take a few months.

- Do you have a rental property? Ensure you obtain the Agent annual rental statement from the real estate who manages the property. Gather loan bank statements for the financial year (internet transaction printout is suffice). Ensure you have all receipts relating to expenses incurred (body corporate, rates, insurance, repairs and maintenance etc.).

- If you have Income Protection Insurance, ensure you have the annual statement of deductible payments.

This is by no means a comprehensive list but will go a long way in assisting in minimising your accountants end of year queries and get you that tax return lodged quicker!

Happy end of financial year!

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