TAX CHECKLIST

Use the following checklist to ensure you have all of the information required for us to complete your income tax return:

INCOME

  • PAYG summaries eg from employers
  • Lump sum payments (eg Employment Termination Payment)
  • PAYG Summaries from Centrelink for age pensions, Newstart Allowances, Austudy, etc
  • Trust distribution statement, including copy of the trust’s tax return
  • Managed fund annual tax statement and capital gains tax statement
  • Partnership distribution statement, including a copy of the partnership’s tax return
  • Dividend statements
  • Bank statements stating interest earned
  • Term deposit statements stating interest earned
  • If any shares were sold during the year:
    • sell contract
    • original buy contract including details of any additional shares purchased such as through a dividend reinvestment plan or employee share scheme.
  • Employee share scheme statement received from employer for any employer shares received during the year

WORK-RELATED DEDUCTIONS

  • Details of work related equipment bought during the year (eg laptop, tablet)
  • Professional journals / magazines
  • Professional memberships / subscriptions / union fees
  • Receipts for training courses and seminars
  • Receipts for self-education expenses e.g. TAFE, university courses – click here for more
  • Receipts for other work related uniform deductions such as protective clothing, uniform expenses and sun protection items – click here for more
  • Vehicle logbook for motor vehicle expenses (if using the logbook method) – click here for more
  • Details of work related travel e.g. number of Kms where you have not maintained a log book – click here for more
  • Home office expenses if working from home including internet usage, number of hours worked, office furniture and computer supplies (ink, stationery, etc) – click here for more
  • Mobile or home phone work related usage
  • Any other expenses you have been required to incur for work

OTHER DEDUCTIONS

  • Receipts for donations of $2 and over to registered charities – click here for more
  • Expenditure incurred in managing tax affairs (eg tax agent’s fees)
  • Expenditure incurred in earning investment income such as interest on a margin loan – click here for more
  • Income protection insurance premiums

RENTAL PROPERTIES

  • Annual statement from property agent (if engaging the services of an agent)
  • Date when property was purchased and purchase contract and solicitor’s settlement statement (we will retain on our files until the property is sold)
  • Expenses incurred, which are not detailed on the property agent annual statement, •
    • Council/water rates,
    • Land tax,
    • Strata / body corporate fees
    • Cleaning
    • Gardening and lawn mowing
    • Pest control
    • Repairs and maintenance and
    • Insurance premiums
  • Loan statements for property showing interest paid for the income year
  • Period property was rented out during the income year (if not a full year)
  • Records detailing rental income (if not engaging the services of an agent)
  • Records of expenses relating to the property (if not engaging the services of an agent)
  • Details of dates of any trips you made to inspect the property while it was rented (in Kms)
  • If property was disposed of during the income year, information relating to dates and costs associated with the acquisition (if not provided previously) and disposal of the property
  • Building Costs – you may be able to claim a tax deduction for the original construction cost of the building over a 25-year or 40-year period

OFFSETS / REBATES

  • Details of any superannuation contributions for spouse
  • Details of dependants, including their age
  • Spouse Details, including their age, occupation and taxable income
  • Private health insurance statement
  • Amount of child support you paid

More Support

If you have any doubt about any income or expenses you have received or incurred, bring the documents in with you