Documents to bring to your Individual Tax Return Appointment

documents to bring to your appointment.pdf

Documents to bring to your appointment

Clients often ask us what documents they should have in preparation for their tax appointment. One of the simplest ways to work out what to bring is to look at your previous year’s tax return. This will remind you which categories of income, deductions and tax offsets apply to you.

Here is a check list of key items that you should bring to your appointment:

• Tax File Number(TFN) and photo ID if new client
• Bank Interest – Online banking should show total financial year in account summary info
• Share Dividends
• Work related expense receipts & logbooks
• Donations
• Income Protection Insurance paid other than through super
• Child support paid

Below are more specific examples of what you can bring to your appointment for Individual Income Tax Returns

Income

• Payment summaries for salaries and wages (this can now be viewed on the ATO portal)
• if you receive wages allowances bring your last payslip for the financial year showing breakdowns for car/travel/uniform/overtime meals etc
• Lump sum termination payments Government pensions and allowances
• Payment summaries for superannuation income streams or other pensions
• Payment summaries for superannuation lump sum payments
• Interest (tip: check internet banking) and dividends
• Distributions from partnerships or trusts, including managed funds
• Details of investment assets sold, such as shares or real estate

Work Related Expenses

• Use of own motor vehicle for business travel
• Other business travelling expenses (car parking, road tolls, accommodation)
• Purchase of protective and or compulsorily clothing/ uniforms/ safety boots
• Sun protection expenses
• Self-education expenses (related to your current job)
• Home office running expenses
• Telephone expenses
• Depreciation of library, tools, business equipment, percentage of home computer
• Tools of trade
• Subscriptions to trade magazines
• Union membership

Investment Related Expenses

• Account keeping fees
• Ongoing management fees
• Interest on borrowing to buy shares
• Advice relating to changing and managing investments (but not setting them up)
• Investment publications (e.g. financial review, magazines, not ordinary newspapers)

Other Expenses

• Donations (made to a deductible gift recipient)
• Income Protection Insurance Premiums (not claimable if policy is held in super)

Rental Properties - Key documents required

• Rental Summary from agent– or if not using an agent, your record of rent received
• Interest paid (most banks will provide a total online or on your June bank statement)
• Depreciation report from a quantity surveyor
• Repairs and maintenance (itemised list with receipts)

It is important to itemise repairs & maintenance so we can distinguish between amounts that are immediately deductible and amounts that must be written off over time).                                          

• Other expenses include advertising, cleaning, gardening, pest control, council/water rates, insurance, property agent fees, printing, postage and stationery, travel (e.g. to inspect property, visit agent etc.). For car travel, estimate total km.

Additional information

• Contact details, if changed from last year
• Bank Account details for your refund (BSB, Account Number and Account Name)
• Remote zone allowance (if you lived in a remote area)
  Details of place and number of nights stayed
• Private health cover statement
• Spouse details
  Date of birth, taxable income, fringe benefits, reportable super contributions
• Any other information that you may consider relevant

Ready to book an appointment? 

Contact Culburra Beach Accounting and Tax Today