Individual Tax Return Check List
Individual Tax Return Check List 2019
Income Records
Salary
PAYG payment summary amounts
Allowances, benefits, earnings, directors fees etc
Other income
Employer lump sum payments and Employment termination
Payments (ETP
Centrelink or Veterans Affairs Assistance (PAYG summaries,
please)
Australian Annuities and Superannuation income streams
Payment Summary please.
Australian Superannuation lump sum payments
Investment statements
Include dividend slips, interest notification (including bank
Interest), trust distributions, partnership distributions.
Capital Gains
Please provide all purchase and sale contracts for any shares traded
or investment properties sold including purchase costs for stamp duty
and legal expenses.
Rental income details
Include address of property, purchase date, date first rented and
weeks the property was rented (or available to rent).
Foreign source income
Include details of any foreign tax paid.
Employee Share Schemes
Discount on E.S.S. may apply and is treated as assessable income
Expense Records
Investment property expenses
If you have an investment property, to maximize your deductions you'll need:
A Tax Depreciation Schedule. Depreciation can be a huge
deduction. Speak to us about having one prepared for you if you
don't already have one. Note: depreciation of chattels on purchase of S/H properties is no longer available – only new purchases from May 2018
Interest payments. We need to know how much you were charged
in interest and the fees for the full year. Please bring in all your
statements.
Borrowing Expenses. Are claimed over the life of the loan or five years whichever is the lesser
Property Manager Annual Statements. If you have a property
manager they will send you a monthly statement and perhaps an
annual statement as well. This statement will list the rent received,
their commission, advertising expenses, repairs arranged by them
etc. We will need these statements.
Self managed properties. Alternatively, if you manage your own
property, you should have a record of the rent charged, repairs
undertaken, travel for collection rent and making repairs,
advertising, gardening/mowing, legal costs for evictions, etc.
Repairs. If you have made any repairs to the property we would like to look over your receipts for the work done. We need to work
out if the work is 100% deductible or if we have to claim it in some
other way.
Seminars. The cost of attending seminars related to the
management of properties would be deductible. If the seminar also
covers the acquisition of properties, only a proportion of it would be
deductible.
Share Trading Expenses
There are fewer people these days claiming to trade shares as a business. The
guidelines on what level of activity constitutes trading as a business are fairly clear.
If you think you may qualify, please call. Deductions may include:
Data costs. Your data vendor will provide a receipt
Education. Seminars, courses, share clubs, etc
Home office expenses. Speak to us about an appropriate way to
claim these expenses generally ATO allow $0.52 per hour for electricity and
the use of a desk if you have a designated home office set up – all based on reasonable estimates of usage etc.. Note: this covers depreciation of office furniture so cannot claim both
Brokerage. Your broker should provide a summary.
Trading losses. Your broker should provide a summary
Don't forget! - subscriptions to share magazines or newspapers,
internet charges, computer usage, travel to seminars and banks,
loan interest on share purchases, bank fees on investment accounts,
trading software and anything else you may have expended in
buying and selling shares.
Work related expenditure
Motor vehicle - There are 2 different ways of claiming for motor vehicle expenses. Most people make a claim based on a cents per
km travelled for work related purposes up to 5000km maximum, others claim a percentage (based on a 12 week logbook) of all of their expenses incurred
during the whole financial year; including depreciation
Travel – expenditure for seminars interstate for airfares accommodation and meals are deductible for tax if work related
Specialist tools, Union Fees
Home Office expenses - ATO allow $0.52 per hour based on a reasonable usage estimate but a designated home office has to be set up
Self education – costs related to your current employment at an approved College or Institution would qualify – excess over $250 only
Clothing – compulsory uniforms; occupation specific OR protective clothing qualify
Subscriptions - Publications that relate to your income producing
activities. These may be relevant to your occupation or investing
activities.
Income Protection policies - eg sickness and accident policies are
generally tax deductible – please provide policy schedule –
Note: Not applicable for Life Insurance
Personal superannuation contributions from 1 July 2017 – can now be claimed as a tax deduction regardless if income from PAYG tax source is more than 10% of total income. Contributions to claim as a tax deduction are post tax contributions only. But you must notify the fund of intention to claim a tax deduction
Additional Records
Private health insurance tax statement – essential you bring this now as it is income tested and codes to be inserted on tax return are shown on P.H.I.S.
Number of dependants, including name(s), date(s) of birth and
income, if any
Income and deductions for your spouse.
Net medical expenses (for you, your spouse or your family)
available only for expenses relating to disability aids, attendant care or aged care expenses until 1 July 2019
Medicare levy exemption – please provide details if applicable eg Defence Force Members
HELP accumulated debt – ie Higher Education
Donations to registered charitable, educational or cultural
organisations. You will need a receipt for this stating that the
amount is deductible. Raffle tickets or purchases from these
organisations are not deductible.
Bank Account Details for direct credit of your refund by the ATO
BSB:……………………………..
Account No:……………………..
Account Name:…………………………………………………………
Please note if you have not previously had your tax return prepared by us – we do require a copy of your previous years tax return.
If you have any questions prior to coming in, please do not hesitate to call us on 4222 1650
Or visit our website –
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