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Tax Time Reporting
It’s time to do your tax return again. Information about your financial situation – including any capital gains, losses and income received between 1 July 2006 and 30 June 2007 needs to be collated and reported to the Australian Taxation Office (ATO).
Your tax statements set out all in the information you need for your investments. You may receive end of financial year statements issued by:
- a company in which you hold shares – outlining your dividends and level of imputation credits
- an investment manager – detailing earnings, distributions, capital gains, franking, and tax-free components on units you hold in a managed fund
- your employer – showing your salary and the amount of tax you have paid
- your pension fund – detailing your level of payments and any portion which is tax-free or subject to rebates
- your super fund – showing the account balance and contribution types
- your health fund – showing your rebate, and
- a bank in which you have invested cash – summarising the total annual interest.
These statements will help you prepare and lodge you tax return for the 2006/2007 financial year.
Remember that you may be entitled to a rebate for certain medical expenses.
Now is also a good time to start getting your paper work in order for this financial year. |
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