To help you better organise your documents and information needed to complete your 2016/17 tax return, we’ve sourced a helpful tax checklist based on the information from etax.com.au to ensure you claim ALL your tax deductible expenses.
Individual Tax Checklist: Basic
Income –
- PAYG Summaries
- Pensions or government payments/allowances
- Interest earned for the relevant year from your banks, building societies etc.
- Dividend statements
- Details of rental property income
- Details of any business income
- Details of any other income earned
Expenses –
- Work related expenses (For example: uniform, tools, education, fees etc.)
- Motor vehicle expenses (Inclu. estimation of Kilometres if no logbook kept, otherwise logbook and all expense items.)
- Travel expenses
- 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 loan, repairs and maintenance, travel, water rates, depreciation schedule, etc.)
- Cost of managing tax affairs
- Charity donations
General –
- 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 and evidence of any Centrelink benefits
- Details of any government debts (Child support, Centrelink etc.)
Individual Tax Checklist: Comprehensive
Income –
- PAYG summaries
- Foreign sourced income
- Partnership distribution
- Rental income
- Deductible amount for pension/annuities
- Capital Gains Tax statements (details of any assets sold)
- Lump sum payments eg: Eligible Termination
- Social security, pensions, allowance statements
- Trust distribution statements
- Tax statements from fund managers
- Bank statements – showing interest and fees
- Share dividend statements
- Tax statements from stockbrokers
- Income stream statements
- Statement for income received from life insurance payments
Employment income deductions –
- Receipts or evidence of work related deductions eg: tools, car, home, office, travel, laundry
- Receipts for self-education expenses eg: fees, books, computer costs
- Union fees
- Car finance lease statements
Investment related deductions –
- Interest/fees on borrowing for investment purposes (bring statements)
- Asset purchase/sale agreements
Offsets –
- Private health insurance statement
- Dependants – name, DOB, and legal responsibilities
- Zone details – if you live in a remote area you may be eligible for an offset
- Sole parent/spouse/housekeeper/low income
- Spouse details (income, DOB etc.)
- Superannuation pension rebates
- Medical receipts
- Imputation credit information from dividend statements
Investment property –
- Body corporate fees
- Cleaning
- Capital allowance (depreciation on plant)
- Interest on loans
- Legal fees
- Property agent fees/commission
- Stationery, telephone, postage
- Sundry rental costs
- Advertising costs
- Borrowing expenses
- Council rates
- Gardening/lawn mowing
- Insurance
- Land tax
- Pest control
- Repairs and maintenance
- Capital works deductions (Building write off)
- Travel expenses
- Water charges
- Quantity surveyor’s depreciation report – if available
Other Deductions –
- Tax agent fees
- Superannuation if self employed
- Receipts of gifts/donations to charity
- Financing lease statements
- Income protection premiums
Dependants Details –
- Amount of Family Tax Benefit received fortnightly
Other Useful Information –
- Credit card statement
- Bank account name, number and BSB
- Loan statements
- Last year’s tax return
- Prior year tax losses
- Details of any government debts (child support, Centrelink etc.)
- Tax credit vouchers
Find out about the new tax alerts from 1 July 2017 READ MORE