It’s tax time again.
So to help you to prepare we have included a checklist of things to think about.
We have quite a few accountant friends and referral partners.
If you would like help to have your tax completed efficiently and at a competitive rate please don’t be afraid to ask us.
Email us on email@example.com or phone the office on 08 82715427.
Individual Taxation Return Checklist for the year ended 30th June 2020
|All PAYG Summaries from employers including ETP payments and Rollover Statements. Allowances received, fringe benefits FBT and RESC additional superannuation payments|
|2.||Pensions/Annuities and Centrelink Allowances|
|All Centrelink and other pension PAYG Summaries.|
|Interest credited to all of your accounts held between 1 July 2019 and 30 June 2020.|
|Dividends received including any dividends reinvested under a DRP. Also employee shares held.|
|If you are a partner in a business. Or if you receive income from an investment trust|
|If you have commenced a business or have income from an existing business please provide details of all income and expenses associated with the business.|
|7.||Capital Gains Schedule|
|For investment assets sold, provide details associated with the purchase and sale of these items.|
|Any overseas investments, working overseas, or receive a foreign pension.|
|Include statements from property managers, weeks rented and rent received. Expenses for maintaining the property including interest on loans, repairs, insurance, rates etc. Include conveyancer’s statement if buying or selling. NO TRAVEL CLAIMS FOR 2020|
|10.||Other Income such as back pay or Bonuses|
|Life policy or a friendly society bond payments maturity, surrender, termination or forfeiture.|
|1.||Motor Vehicle Claim (This has all changed and is now simplified and reduced 66cents per Km)|
|A log or diary notation of business kilometres and expenses is required. CARE Evidence required|
|2.||Work Related Travel Expenses.|
|Travel other than motor vehicle; a travel diary is required for trips longer than 6 nights.|
|3.||Work Related Uniform|
|Details of expenditure incurred on uniforms, protective clothing or laundry costs.|
|4.||Work Related Self-Education|
|Expenses incurred in self-education including travel, union & course fees, and any materials used.|
Other Work Related Expenses (written record mandatory an adhoc % is no longer accepted)
|Home Office, all expenses & a written record for the % used for work related purposes incl. telephone, computer home office etc. particularly this year with the increased Covid19 arrangements.|
|Union dues, seminars, conferences, books, technical journals and overtime meals.|
Interest and Dividend Deductions
|Costs of acquiring or maintaining investments, loan interest, bank charges, advice or subscriptions.|
|Please provide details of all tax-deductible donations.|
|8.||Tax Agent Fees|
|Accounting fees paid to tax agents for taxation advice|
|9.||Non Employer Sponsored Superannuation|
|If you are self-employed, you may claim a deduction for superannuation contributions made during the year. Please provide details of these contributions. Also co-contribution amounts paid.|
|Any other payments made such as Sickness & Accident Premiums, which may be deductible.|
|1.||Most offsets have been fully removed by consecutive budget cuts including spouse, mature age allowance and medical expenses, even the remote allowances have been scaled back for fly in/out|
|1.||HELP debts we have access to this on our system we just need to be advised of new debts|