How to lodge your 2009 tax return

With the end of the financial year practically on our doorstep, it's time to get all our financial records in order in preparation to lodge those end of year tax returns.

Preparing your tax return

Often there's a lot of paperwork involved in preparing your return, especially if you have property, investments or run a business, but even if your financials are fairly straight forward you will need to have all your receipts and other relevant information on hand. Essential records include:

Receipts and invoices
Investment records
Interest earned on bank accounts
Income records

You may no longer need to submit the actual paperwork but you will need it for the record of your financial dealings during the financial year and must be able to produce them if requested at a later date.

How to lodge your tax return

A lot of people do their own tax returns, especially if their income records are fairly straightforward. It's fast, incurs very little cost and can be submitted without further delay once the financial year has ended.

The next option is a tax agent. They are a great idea if your yearly financials are a bit more complicated, but even if they're not, a tax agent can save you a lot of stress if you are unsure of how to fill out your return. The fees are reasonable and you can claim your tax agent's fee on your next return. The average cost is $150 - $200 but be sure to use a reputable agent who's registered with the Australian Tax Agents' Board. A CPA (Certified Practising Accountant) is usually a safe option.

If, after weighing the pros and cons of both options you decide to go it alone, you may want to invest in a copy of the CCH Master Tax Guide which is produced annually. For around $145, it's probably a good investment as it gives detailed information on what you can claim and could end up saving you a lot of money. You have until 31 October 2009 to lodge your return.