In order to complete your income tax return, you need to ensure that you compile all your records together, declare all of your assessable income, maximise your deductions and ensure you make the most of available tax offsets.
Please see below our checklist to help you gather your documentation.
INCOME
- Individual PAYG Payment Summaries (Group Certificates). These will be finalised by your employer.
- End of year tax statements for Pensions & Allowances received from Centrelink, including Super Fund Pensions.
- Total amount of interest received from bank accounts Including Term Deposits.
- Share Dividend & Managed Fund statements for Share & Trust Investments.
- Rental Property records detailing Rental Income Received & Property Expenses including details of loan interest and any significant repairs.
- Contract details for purchase and/or disposal of property, shares & other assets to ascertain Capital Gains/Losses.
- Foreign Income/Overseas Pension Records.
- Personal Services Income (ie. Payments received as a Contractor).
- Details of any other income received.
Please note: The Australian Taxation Office has data matching facilities with banks and other financial institutions, public companies and government departments whereby it tracks payments of interest, dividends and disposals of property, shares etc.
EXPENSES
Common Work Related Deductions:
- Special work clothing: the cost of buying and maintaining protective clothing and occupation specific clothing is usually deductible.
- Subscriptions and union dues: including things like membership fees for a relevant professional association.
- Education expenses: education tax refund – remember to keep all receipts and documents related to educational expenses, such as text books and conferences. These are tax deductible.
- Work related travel expenses: you can claim some types of travel expenses directly connected with your job (but not the cost of travelling to and from work). You may need to maintain a logbook if you are claiming motor vehicle expenses. You should provide records of motor vehicle expenses such as registration, repairs, fuel, insurance & interest payments on a lease. You can claim the costs of business travel overseas and within Australia which may include meals & accommodation. You should keep a diary entry of the travel conducted and expenses incurred to determine deductibility.
- Home office expenses: if your employer lets you work from home, you may be entitled to claim deductions for a proportion of running expenses like electricity and heating, but not for expenses like your mortgage interest or rent (to claim these your home would also have to be a place of business).
Please ensure you hold valid receipts, invoices, or other documentary evidence for your expense claims.
Other deductible claims:
- Receipts for donations to approved charities and school building funds.
- Superannuation contributions made by yourself and/or by you on behalf of your spouse.
- Medical expense records, where net medical expenses exceed $1500.
Please note: Allowances for meals, travel, or for a car can be a trap. Some people think you can automatically fully expense the allowance without substantiating your claim. If you receive one of these allowances, don’t assume you can automatically claim deductions against it. You must keep written evidence of any allowable deductions to prove any claim you make, regardless of the amount involved.
OTHER DOCUMENTATION
Other documentation required:
- Private Health Insurance: if you have private health insurance, you will need to provide the end of year tax statement received from your health fund.
- HECS/HELP Statement: if you have a HELP (HECS) Debt please provide latest statements received from the Tax Office.
- Spouse & Children’s Income: your spouse’s and children’s income (if applicable) may impact upon some tax offsets & rebates.
- Income Protection Insurance: please provide documentation if you are paying income protection insurance.
- Personal superannuation contribution: please provide a letter from your superfund acknowledging your intent to claim a deduction for your super contribution.
This checklist is not exhaustive of all the information which we may require in order to complete your income tax return. Should you have other records relating to your taxation affairs, please also provide these to us.
Need some help? Give us a call
If you have any questions or need some help with your new year checklist and tax return, please call us on (03) 9851 6500 or email us at hello@colledges.com.au. We’re here to help.
