With Tax Time only a week and a bit away, here is a checklist to help you get your tax return in order.
What will I need?
Income/Receipts:
- payment summaries for salary and wages;
- lump sum and termination payments;
- government pensions and allowances;
- other pensions and/or annuities;
- allowances (e.g., entertainment, car, tools);
- interest, rent and dividends;
- distributions from partnerships or trusts;
- details of any assets sold that were either used for income earning purposes or which may be caught by capital gains tax (CGT).
Deductions (in addition to those mentioned above):
- award transport allowance claims;
- bank and government charges on deposits of income, and deductible expenditure;
- bridge/road tolls (travelling on business);
- car parking (when travelling on business);
- conventions, conferences and seminars;
- depreciation of library, tools, business equipment (incl. portion of home computer);
- gifts or donations;
- home office running expenses:
- cleaning
- cooling and heating
- depreciation of office furniture
- lighting
- telephone and internet;
- interest and dividend deductions:
– account keeping fees
– ongoing management fees
– interest on borrowings to acquire shares advice relating to changing investments (but not setting them up);
– interest on loans to purchase equipment or income-earning investments; - motor vehicle expenses (business/work related);
- overtime meal allowances;
- rental property expenses – including:
– advertising expenses
– council/water rates
– insurance
- interest
– land tax
- legal expenses/management fees
– genuine repairs and maintenance
- telephone expenses
– travelling to inspect property - superannuation contributions by sole traders;
- sun protection items;
- tax agent fees;
- telephone expenses (business);
- tools of trade.
