How To Prepare For Your Tax Return
As we head into July, its time to face up to the reality of having to complete your tax return.
To keep the process as painless as possible, here is Austax’s tax tips for a better experience.
Most people find the stress free option is to use a tax agent. Yes there is a fee involved (which is tax deductible), but you get your return completed quickly and accurately. You can call us on 07 31189505 to make an appointment. If you can’t make it to see us at our office, we also offer over the phone appointments or you can take advantage of lodging online by visiting our Lodge Now Page
Get Your Paperwork Ready
The following is a general list of the sorts of documents you might want to pull together before you start the tax return process. Not all of these will apply to everyone, these are just general guidelines:
- Copy of last year’s tax return
- Records of sales and purchases of any shares, cryptocurrency or investment property
- Private Health Insurance Details
- Spouse Details
Income
- Finalised income statements for any employment you have had over the last year
- Bank interest statements setting out amounts of bank interest received
- Pensions or Government payments
- Superannuation lump sum payments
- Allowances (Car, travel, entertainment, meals etc.)
- Employee share schemes
- Dividend Statements
- Foreign income
- Rental property income
- Business income
- Any other income earned
Expenses
- Motor vehicle incl. estimation of kilometres if no logbook kept, otherwise logbook and expense details
- Travel (fares and accommodation)
- Uniforms/work-wear
- Self-education and professional development (seminars, conferences, etc)
- Union fees, registrations, subscriptions, memberships
- Home office expenses
- Telephone, computer, internet fees
- Income Protection insurance
- Details of any asset purchases (with split between work and private use)
- Investment expenses, for example: bank fees, financial advisors fees, investment borrowings etc.
- Rental property expenses For example: rates, body corporate fees, agent fees, interest on loans, repairs and maintenance (inside and out), travel, water rates, depreciation schedule, etc.)
- Cost of managing tax affairs
- Charitable donations over $2
And don’t forget!
Provide your bank account details, including the BSB and account number on your return. The Tax Office no longer issues refunds by cheque.
We look forward to helping all our clients understand the best procedures to keep their tax lodgement simple.
