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Tax7 Accountants
Tax7 Accountants
  • HOME
  • HOW TO LODGE
  • PRICE
  • OUR SERVICES
    • PERSONAL TAX
    • BUSINESS TAX
    • CLOUD ACCOUNTING
    • EARLY TAX RETURNS
    • LATE / OVERDUE TAX RETURNS
    • CRYPTO-CURRENCIES
  • CONTACT US
  • MORE
    • CHECKLIST
    • FAQ
  • ONLINE BOOKING
  • TAX7 BLOG

Tax Return Checklist

HomeTax Return Checklist
 

WHAT DO YOU NEED TO PREPARE YOUR PERSONAL TAX RETURN

General Details:

  • Photo ID or copy
  • Current address and bank account details (if changed from last year)
  • Contact details (mobile and email)
  • Spouse income details (if applicable)
  • Dependent details (if applicable)

Income

  • PAYG Payment Summaries
  • Interest earned from your bank account, including tax withheld if any
  • Additional income details if any (e.g. ABN income, dividends, management fund/trust/partnership distribution/foreign income etc)

Expenses

  • Work related car expenses (Motor Vehicle) other than to/from work, please provide the total mileage of the car for the purpose of followings:
    • Travel between different work places, including from 1st to 2nd job
    • Drive to meeting, training, visiting sites from office/home
    • Carrying bulky tools / equipment (generally >10kg) for trades person
    • If a logbook is kept, please provide all itemised expenses details of the car, including purchase details.
  • Travel expenses
    • Out of pocket flight/accommodation/meals/incidentals for work trip if not reimbursed by employer
    • Parking and tolls incurred during the work trip which are not reimbursed
    • Travel diary if stayed over 6 nights or more in a row
    • Note: generally travel expenses incurred during holiday/annual leave are not deductible unless mainly for work purposes
  • Work related expenses including:
    • Uniform (must be with a logo or occupational specified) dry cleaning and purchase costs
    • Work related courses or self-education expenses (e.g. professional development courses)
    • Work related union fees / professional membership fees / registration fees
    • Mobile phone and % for work
    • Internet connection and % for work
    • Computer/laptop/tablet purchase date of cost as well as % used for work
    • Cost of stationery/printing/office equipment (receipts need to be available on request)
    • If have a separate home office, please provide no. of hours worked from home each week
    • Donations (name of the charity and amount)

 

WHAT DO YOU NEED FOR TAX IF YOU ARE AN INVESTOR

Rental property (profit / loss):

  • Settlement statement of purchase (from solicitor)
  • Borrowing cost – e.g. mortgage insurance, loan setup costs etc
  • Annual summary from property agent (if applicable)
  • Gross Income (only if no agent summary are supplied)
  • Council and water rates (if not on the agent statement)
  • Strata levies (if not on the agent statement)
  • Repair and maintenance
  • Interest on mortgage (normally this will be listed on the band statement for the period ended 30th June, you may also find this from online banking)
  • Annual loan package fees (if any)
  • Landlord insurance
  • Quantity Surveyor’s depreciation report (if applicable)
  • All other expenses

Rental property (Capital Gains/Losses):

  • Date of purchase
  • Settlement statement for purchase
  • Stamp duty
  • Settlement statement for sale
  • legal fees (both acquisition and sale)
  • Real Estate Agent commission
  • Advertising costs
  • Depreciation schedule (if applicable)
  • Prior year’s tax return with rental property schedules
  • Any other relevent documents

Share market investor:

  • Dividend statements
  • Interest paid on loans to acquire shares if applicable
  • Cost of professional subscriptions and software
  • If any shares have been sold, please provide date of purchase, costs and sales details

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