How to get prepared to complete Your Tax Return
It’s tax time again, with many of us saying I don’t want a repeat of last year’s process and I want this year to be easier whilst still getting the best possible return?
From the team at “Tax Returns Made Easy” here are our tips for an easy tax time.
Get all your paperwork ready
Dig out of your records all of the following, the more information you have the better and we can work out the rest;
- a copy of last year’s tax return
- private health insurance details
- records of sales and purchases of any shares, business or property
- spouse’s details
- children’s details including D.O.B etc
Income
- payment summaries for any jobs you have had over the last year
- bank interest statements setting out amounts of bank interest received.
- business income
- pensions or government payments
- dividend statements
- superannuation lump sum payments
- employee share schemes
- foreign income
- rental property income
- allowances (car, travel, entertainment, meals etc.)
- any other income earned.
Expenses
- Work related 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)
- telephone, computer, internet fees
- union fees, registrations, subscriptions, memberships
- home office costs
- cost of managing tax affairs
- any other costs incurred earning income
- income protection insurance
- charitable donations
- details of any assets purchases (with split between work and private use)
- 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.)
- investment expenses, for example: bank fees, financial advisors fees, investment borrowings etc.
Give us a call, chat to us online or send us an email if you have any questions as we can help you get the best possible return..
