Can you believe it’s tax time again already?
As we aren’t holding in person tax return appointments this year, all information will be collected using our Tax From Your Couch.
If you’d like to gather your information in a spreadsheet prior to starting this process, we have made a list of some things you may be able to deduct below.
A downloadable PDF of this checklist can be found here.
What information we should already have
- Your income will come through the ATO automatically (no need
for “group certificates”!) - Lump sum and termination payments
- Bank interest
- Private Health Insurance information
- Accounting fees for the previous year (if it was us)
- Spouse income (if you are
linked as spouse already)
Information we need from you
Income
- Details of any non-cash benefits received including discount(s) on employee shares or rights
- 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 or superannuation income streams
- Income from trusts and partnerships
- Interest and dividends received and any tax deducted. Include details of franked dividends (imputation credits)
- Foreign source (employment and pension)
- income and details of any foreign tax credits
- Any business/contracting income earned
Deductions
- Expenses relating to working from home
- Details of work related vehicle usage
- Details of any overnight/interstate/overseas
- Uniform or protective clothing purchase/maintenance
- Self education expenses relating to your current work
- Subscriptions relating to your employment
- Union fees relating to your employment
- Tools of trade
- Income Protection Insurance Premiums
- Donations
Rental property
Please use our rental schedule to fill in this information:
- Agents annual summary listing all rent received & deductions from rent
- If self-leased, details of the weekly/monthly rent
- Details of property ownership (names on title, percentage owned)
- Details of any refinancing undertaken throughout the year (include loan statements before and after the refinance)
- Details of any re-draws made on the mortgage throughout the year
- Advertising expenses for tenants
- Body corporate/strata fees paid
- Cleaning expenses
- Council rates
- Lawn & garden care expenses
- Building/contents/landlord insurance expenses
- Land tax paid
- Legal costs paid
- Pest control fees
- Property (real estate) agents fees
- Bank fees/charges
- Repairs & maintenance on the property
- Depreciation schedule for the property
- Water rates
- Sundry expenses
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