28/06/2016
Tax time is quickly approaching!
What do you need to prepare for your individual tax return appointment?
Always start with your latest tax return copy.
It should have your personal details, tax file number, income streams, tax offsets, deductions, investment details and other relevant information.
Here is a brief checklist of things to prepare to your appointment:
Income
• Payment summaries for salaries and wages
• Allowances (eg entertainment/car / travel / uniform / laundry / meals)
• Lump sum termination payments
• Government pensions and allowances
• Foreign income
• Capital Gains
• Dividends
• Payment summaries for superannuation income streams or other pensions
• Payment summaries for superannuation lump sum payments
• Distributions from partnerships or trusts, including managed funds
• Net income/loss from business
Work Related Expenses
• Motor Vehicle expenses based on work related usage
• Other work related travelling expenses (car parking, road tolls, accommodation)
• Purchase of protective clothing or uniforms
• Sun protection expenses
• Self-education expenses (related to your current job)
• Home office running expenses
• Telephone and internet expenses
• Depreciation of tools, equipment
• Tools of trade
• Subscriptions to trade magazines
• Union membership
Other Information
• Donations (made to a deductible gift recipient)
• Tax agent fee
• Income Protection Insurance Premiums (not claimable if policy is held in super)
• Investment Related expenses
• Rental Property Information
• Private Health Cover Tax Statement
• Bank Account Details
• Any other relevant information
Book your tax return appointment today! Contact us on 0434 192 674 or (03) 9041 2080.
