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1/7/07 - 2007 Tax Returns

Well it’s that time of year again. Now that we’re into the new financial year it’s time to review the past 12 months and of course look to the future. Promise yourself to take some time out next week to think about your financial goals and the strategy you're working on to achieve these goals. It can sometimes be difficult to motivate yourself to do this so be sure to schedule the time into your calendar and don’t forget to include your significant other as it’s important that all concerned family members are contributing to the decision making process.

In regards to completing your 2007 tax returns, now is the time to gather the information required for Rod Ross to complete your assessment. Rod suggests you get yourself an A4 size envelope and each time you open your mail, if it is required for your return, put it in the envelope.

Listed below are the most common documents you should receive shortly.

• Payment Summaries

• June bank statements that show any interest earned for the year

• Statement from your Medical Benefit Fund

• Financial Statement from your property manager/s for each investment property

• The loan statements from the various lenders showing interest paid for the last tax year. Please check if your June loan statement contains all of the relevant information and if not you might want to access the internet banking site and see if there are some more options there.

Listed below is some homework you should complete before time slips away.

• List expenses you paid personally on each investment property, i.e. rates and insurance.

• Travel expenses for each property you visited.

• If you claim car expenses, summarise all costs for the year.

• Make a list of donations for which you have receipts.

• Create a claim summary of medical expenses with four columns, paid, less recovered from Medicare, less recovered from health fund (if any) and then the net cost to you.

• Make a list of all dividends received from shares and/or managed funds/trusts.

• Any other work related expenses you want to claim.

If you sold any assets that result in Capital Gains Tax (CGT) make sure you have the evidence to support the gross selling price and any costs associated with the sale, i.e. legal fees, selling commission, advertising, etc.

If you purchased an investment property during the year that was not complete at the end of June, there are certain expenses that can be claimed so make sure you let Rod know.