Checklist for Individual Tax Returns

Checklist of information required to complete your tax for the financial year may include:

Income

PAYG Payment Summary(ies) from your employer(s)
Details of your partner’s and/or dependants taxable income
Centrelink statement of benefits / group certificates
Investment income including dividend statements, interest details, and managed funds tax statements, foreign source income
Details of share or other asset sales
Rental income from investment property
Other income (eg. royalties, scholarships, grants)

Deductions

Details of deductions (ie. receipts or diary records) totalled by type of expense such as;

Motor vehicle expenses
Clothing (eg. laundry and dry cleaning expenses)
Bank charges
Books/journals/library
Conference/professional development (eg. registration, travel, accommodation)
Donations/gifts
Computer equipment – hardware and software
Borrowing costs/interest on investment borrowings
Home office
Income Protection Insurance
Telephone (including mobile and internet costs)
Professional associations/subscriptions
Stationary, postage, printing, photocopying
Travel expenses
Union fees
Education expenses (eg. fees, travel, exams)
Rental property expenses
Other
Details of net medical expenses exceeding $1500 in total
Private Health Insurance statement
Child care expenses
HECS statement  

Substantiation of work related expenses

As always, it is vital to be able to substantiate your expenditure if you wish to claim them as deductions. The Tax Act requires written evidence stating the name of the supplier, the amount of the expense, the nature of the goods or services provided, the date of purchase and the date of the document before a deduction can be claimed. If any of these details are not shown on the receipt, you may add them to the receipt at the time of purchase.

Penalties

The Australian Taxation Office will also be imposing late penalties this year. Financial Dynamics will take no responsibility for late lodgment of returns.

Tel: 02 4421 2345Fax: 02 4421 2340