It’s Tax Time – we can help!

June 20, 2019

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 help@swmfm.com.au or phone the office on 08 82715427.

Individual Taxation Return Checklist for the year ended 30th June 2019

INCOME

 P
1. Wage/Salary
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.
3. Interest
Interest credited to all of your accounts held between 1 July 2017 and 30 June 2018.
4. Dividends
Dividends received including any dividends reinvested under a DRP. Also employee shares held.
5. Partnership/Trust Distributions
If you are a partner in a business.  Or if you receive income from an investment trust
6. Business Schedule
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.
8. Foreign Income
Any overseas investments, working overseas, or receive a foreign pension.
9. Rental Property
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 2018
10. Other Income such as back pay or Bonuses
Life policy or a friendly society bond payments maturity, surrender, termination or forfeiture.

EXPENSES
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.
5

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.
      Union dues, seminars, conferences, books, technical journals and overtime meals.
6.

Interest and Dividend Deductions
Costs of acquiring or maintaining investments, loan interest, bank charges, advice or subscriptions.
7. Donations
Please provide details of all tax-deductible donations.
8. Tax Agent Fees
Accounting fees paid to KMH Tax & Business Solutions or other 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.
10 Other Deductions
Any other payments made such as Sickness & Accident Premiums, which may be deductible.

OFFSETS/OTHER
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

ADJUSTMENTS
1. HELP debts we have access to this on our system we just need to be advised of new debts
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