Getting Ready For Your Taxation Appointment

Obviously, we’re all different but it is possible to generalise about the sorts of documents you might want to pull together before you start the tax return process. Not all of these will apply to everyone, these are just general guidelines:

           Copy of last year’s tax return

           Records of sales and purchases of any shares, business or property

           Private Health Insurance Details

           Spouse Details

           Children’s details including D.O.B


           Payment Summaries for any jobs you have had over the last year

           Bank interest statements setting out amounts of bank interest received

           Pensions or Government payments

           Superannuation lump sum payments

           Allowances (Car, travel, entertainment, meals etc.)

           Employee share schemes

           Dividend Statements

           Foreign income

           Rental property income

           Business income

           Any other income earned


           Work Related Expenses:

o          Motor vehicle incl. estimation of kilometers if no logbook kept, otherwise logbook and expense details

o          Travel (fares and accommodation)

o          Uniforms/work-wear

o          Self-education and professional development (seminars, conferences, etc.)

o          Union fees, registrations, subscriptions, memberships

o          Home office costs

o          Telephone, computer, internet fees

           Any other costs incurred earning income

           Income Protection insurance

           Details of any assets purchases (with split between work and private use)

           Investment expenses, for example: bank fees, financial advisors fees, investment borrowings etc.

           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.)

           Cost of managing tax affairs

           Charitable donations over $2

And don’t forget!

The Tax Office no longer issues refunds by cheque so you must provide your bank account details, including the BSB and account number on your return.