Tax Return Checklist
The following is a checklist for information required to prepare income tax returns for this year. Please ensure that you review the checklist and have all information available when completing your tax returns.
Individual Tax Returns
Income
Gross Salary, Wages, Allowances, Benefits, Earnings, Tips and Directors Fees
Income from Business Activities
PAYG Payment Summaries
Details of any non-cash benefits received
Lump sum and termination payments. All documentation should be provided including an ETP Payment Summary from the employer or fund.
Government Social Security payments, including pensions, unemployment and sickness benefits
Details of any CGT asset sales (e.g. shares and real estate). Please include dates of, and costs associated with, acquisition and disposal. (You can save tax if you qualify for the variety of CGT concessions)
Annuities, including allocated pensions
Income from trusts and partnerships. Statements of distribution should be provided where appropriate
Rental income
Interest and dividends received and any tax deducted. Include details of franked dividends
Foreign source (employment and pension) income and details of any foreign tax credits.
Deductions
Investment and property expenses (carefully detail interest claims)
Subscriptions (not including sporting or social clubs).
Employment related Expenditure such as work-related motor vehicle, self-education, protective clothing and uniform expenses.
Donations of $2 and over
For self-employed persons details of any superannuation contributions made
Tax Agent Fees and other accounting/tax audit fees
Special deductions (Australian films, investment shelters and agribusiness-type schemes)
Bank fees (where the credit or deposit represents assessable income)
Unrecouped prior year losses
Rebates
Details of private health insurance, unless your premium is net of the rebate
Details of superannuation contributions where no tax deduction can be claimed
Any changes in dependants (income of spouse should be provided)
Details of any income received in a lump sum which was accrued in earlier income years (e.g. assessable pensions)
Net family medical expenses if they exceed $2060 in total
HECS Debt details
8 Most Common Errors in Income Tax Returns
Omitting Interest Income
Incorrect or Omitted Dividend Imputation Credits
Capital Gains/Losses are Incorrect or Omitted
Understating Income
Home Office Expenses
Depreciation on Rental Property Fixtures and Fittings
Depreciation on Income Producing Buildings
Borrowing Costs associated with Negative Gearing
Companies, Partnerships, Trusts and Other Business
Income
Trading income
Other income (e.g. Rent, Interest, Royalties)
Stock on Hand at 30 June, 2012 (and basis of valuation) – note any obsolete stock
Work-in-Progress
Primary Producer subsidies (if assessable)
Details of CGT assets (e.g. shares and real estate) sold, including dates of, and costs associated with acquisition and disposal
Dividends, including details of franking credits
Income from foreign sources including details of any foreign taxes paid
Deductions
Repairs and maintenance
Salaries, including fringe benefits
Fringe benefits tax paid
Rates, land taxes and insurance premiums
Advertising expenses
Interest on borrowed monies
Deductions relating to foreign source income
Prepaid expenses (subject to transitional rules)
Retirement payments and golden handshakes
Bad debts actually written off during the year
Donations of $2 and over depending on the recipient
Commissions
Legal expenses
Lease or Chattel Mortgage payments on motor vehicles and equipment
Losses of previous years (or intra-group transfers)
Superannuation contributions
Subscriptions
Car expenses (remember to include petrol, repairs and parking and maintain a log book where necessary)
Tax agent’s fees and other accounting and tax audit fees
Royalties paid
Details of the destination and purpose of any interstate or overseas trip. Expenses must be fully documented where travel involves at least one night away from home. Travel diaries should be included where travel exceeds five nights within Australia or any overseas travel
Research and development expenditure
Bank fees (where the credit or deposit represents assessable income)
Liabilities
New loans taken out during the year and their purpose, including any new lease or chattel mortgage agreements
Statements from the lending authority detailing the opening and closing balances of existing loans during the financial year
Provisions for long service and annual leave
Creditors at 30 June 2012
Details of loan accounts to directors, shareholders, beneficiaries and partners
Accrued expenses (e.g. audit fees, interest payments)Commercial debts forgiven
Assets
Details of depreciable assets acquired and/or disposed of during this income year, including:
Type of asset
Date of acquisition
Consideration received/paid
Lease commitments
Debtors at 30 June 2012
Commercial debts forgiven
Additional Information
Franking account details/movements
Overseas transactions, exchange gains/losses
Private companies – remuneration or loans to directors, shareholders and their relatives
Changes to the capital of the company
Whether family trust elections have been made in relation to trusts
Note: To ensure that you obtain the maximum deductions to which you are entitled and in consideration of the penalty provisions. FULL DETAILS of any claim should be provided and supporting documentation made available. For employee taxpayers and for travel and motor vehicle claims by self-employed taxpayers, documentation must be a receipt, tax invoice or similar document which contains certain details. For other taxpayers, documentation may comprise receipts, dockets, diary notations or reasonable and supporting estimates.
Download our 2017 tax return checklist here.
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