Tax Return Checklist

This checklist is provided to assist you with the preparation of your individual tax return.

Listed below is a checklist of items you should consider and any documentation you should provide to your accountant so they can prepare your tax return.

Income

Employer Payments

PAYG Payment Summaries, Allowances including meal, travel, fares, site, uniform, laundry and tools.

Lump Sum Payments (Employment Termination Payments)

Your statement of termination payment information must be included in your tax return.

Dividends & Shares

Details of acquired or sold shares and any dividends received. Must bring dividend statements to review franking credits received (includes employee share schemes).

Interest

Any accounts held with a bank or financial institution (including joint accounts) require details of the branch, account number, name of account holder and amount received for each account. If TFN withholding tax has been deducted, please provide the amount of tax deducted.

Capital Gains

Have you disposed (sale or gift) of property, shares or investments? Provide detailed information about acquisition costs and disposal of proceedings received.

Rental Property

Provide all income and expenses in relation to rental property including statements. Bring along Quantity Surveyor’s department report, if you don’t have this please contact our office.

Deductions

Work Related

Details of expenditure including invoices/receipts or other documentation.

Motor Vehicle Expenses

You may be able to claim employment related travel. Do you have a log book or an estimate of work related kilometres?

An automatic deduction for 5,000km is not allowable. You must have a reasonable basis for the work related kilometres that are claimed.

Uniforms and Protective Clothing

You may be able to claim the cost of purchase, dry cleaning and maintenance. A claim may also be allowed for sun protection items, e.g. sunscreen, hats and sunglasses if you work outdoors.

Laundry and Dry Cleaning

This is only deductible if you are required to wear a work uniform or protective clothing and have incurred the cost.

Please note:  Be mindful of claiming laundry if you have been working from home.

Travel/Conferences/Courses

Details of nature of the travel/conference/courses undertaken, a list of expenses incurred with supporting documentation.

Income Protection

Did you pay any personal insurance premiums for the last financial year? Provide your annual policy schedule to include cover held.

Depreciation

Any assets purchased or sold for work related activities.

Donations/Gifts

Please ensure your donation was made to an endorsed DGR (Deductible gift recipient).

A gift is voluntary transfer of money or property where you receive no material benefit or advantage.

Other Related Deductions
  • Mobile and home telephone and internet expenses, ensure deductions are claimed only if expenses are genuinely incurred for work purposes. Ensure that any proportion is a fair representation. High proportions are being flagged and investigated.
Investment Property Deductions
  • Overstated interest expense, generally interest reduces each year. Any loan redraws must be related to the investment property in order to claim the amount of interest. Private redraws shall reduce the percentage of interest that can be claimed.
  • Capital works need to be depreciated and not claimed as repairs.
  • Holiday homes are under close scrutiny for ‘blackout’ periods to determine if they are genuinely available for rent.

Superannuation

Bring Superannuation statements to include all funds. Personal contributions paid to a complying superannuation fund may be eligible for the co-contribution

Other

  • Cashed in life assurances policies where the policy was held for less than 10 years.
  • Foreign income (employment and/or pensions) and tax credits attached to that income.
  • Provide private health insurance tax statement from your fund.
  • Provide child support payments to include details of amounts paid for child support by you or your spouse.
  • Income of Spouse.
  • Subscriptions and technical journals – excluding sporting clubs. Include political parties.
  • Tools and Equipment
  • Please ensure you bring any mortgage loan statements.

2020/21 - What's new in this Financial year

Working from home expenses

There are three ways of calculating home office expenses depending on your circumstances: The methods are the:

Shortcut method – (80 cents) – only available 1 March to 30 June 2020

Fixed rate method (52 cents)

Actual cost method

CLICK HERE for further information on the ATO website for home office expenses.