13 things your Accountant won’t Tell You

You don’t always need an accountant. You can use the free e-tax program (see www.ato.gov.au/etax) to do your return, or lodge it on paper using a TaxPack.

Over 55 and earn a net income between $10,000 and $53,000? You can claim a $500 Mature Age Worker offset.

You can claim work expenses up to $300 without receipts, but they must be substantiated.

Most tax refunds are issued within 14 working days if you lodge online using e-tax.

You can use SuperSeeker (www.ato.gov.au) to find lost super, or call 13 28 65. Have your tax file number handy. If the balance of your lost super is less than $200, you may be able to take it out tax-free.

Salary sacrificing can reduce your taxable income, but arrangements must be made before the income is earned. By contributing to your superannuation you also reduce your tax liability and Medicare levy.

When claiming work-related expenses, you’ll need to keep your receipts or written evidence for five years from October 31 (or from the time you lodge your return, if it’s later than that).

Tax Help community volunteers provide a free service to help people on low incomes, including seniors, lodge their tax returns. For more info call the ATO’s Personal Infoline on 13 28 61.

Making a personal contribution of $1000 into your super while you’re employed will entitle you to the maximum government co-contribution of $1500 if your assessable income is under $28,980 in 2007/08.

Write a will and make sure it complies with the legal requirements of your state or territory. If you don’t, your estate and its assets will be distributed using a fixed formula determined by the government.

Tax deductions are effectively worth less after July 1, 2009, so bringing forward deductions by paying deductible expenses in June saves tax. For example, paying membership subscriptions of trade or professional bodies.

You can claim a tax offset of 20% of your medical expenses over $1500. (This excludes payments made to your private health insurer, and travel or accommodation expenses associated with your medical treatment).