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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