Keep your receipts for all expenses which you wish to claim – work-related, motor vehicle, donations, medical expenses exceeding $1,500 etc. If claiming a vehicle do you need to create a new log book?

If you are selling (or have sold) an investment property or shares, make sure you have a record of all expenses associated with that asset.

Consider sacrificing part of your salary into superannuation for the remainder of the year thereby reducing your tax payable.

If you have any questions on your tax affairs for the current or future years, make an appointment to see a consultant NOW.

Visit www.itpqld.com.au for your nearest office.

• Claiming work related expenses without the necessary substantiation.
• Not declaring interest and dividend income.
• Claiming full interest deduction on a loan which is used for both business and private purposes.
• Claiming expenses for an investment property which has not been available for rent.
• Not declaring allowances received from employers.

The ATO’s checking and data matching capabilities have improved greatly in the last few years. Don’t jeopardise your good record with the ATO through a silly mistake – have your return prepared by a trained ITP consultant and ensure real peace of mind. Visit www.itpqld.com for your nearest office.

1.  The government co-contribution has been temporarily reduced to 100% (down from 150%) with maximum co-contribution of $1,000 for 2009-10 and the two subsequent financial years.

2.  The concessional contributions cap has been reduced from $50,000 to $25,000 and the transitional cap for over-50s from $100,000 to $50,000.

3.  Eligibility for a number of tax offsets and liability for some ancillary payments may be affected by the level and type of superannuation contributions made by, or on behalf of, an individual. Full details were contained in our previous Tax Informer.

Until 30 June 2010, small businesses (turnover less than $2M) can apply for:
– 12 month interest free payment arrangements
– deferred activity statement payment dates*

*Up to two month deferrals for quarterly and annual payers, and one month for monthly payers.