Checklist: Preparing for tax time the easy way

Written and accurate as at: May 16, 2016
Current Stats & Facts

Whether you prepare your tax-return online yourself, or use the services of a qualified tax-agent, you can make the process of lodging your tax return a lot quicker and easier if you have all the receipts, tax invoices and documents organised.

 

Here is a handy list to help you be more organised!

 

 

 

General

• Previous Year’s Tax Return / Notice of Assessment
• Previous Year’s Accountant’s Fees
• Spouse + Children Details including DOB
• Private Health Insurance
• Medical receipts
• Details of purchase or sale of property, shares, business or other investments (Capital Gains Tax Statements)
• Receipts for donations made to DGR listed charities
• Income Protection premiums
• Personal pre-tax and post-tax contributions to superannuation
• Self-employed superannuation contribution details.

Income-Related

• Group Certificate from Employment / PAYG summaries
• Interest earned on bank, savings and term deposit accounts
• Rental Income received
• Superannuation income stream / pension statements
• Social security / Centrelink pension or allowance, family tax benefit payment summaries
• Trust / Partnership distribution statements
• Tax statements from share and managed fund investments
• Lump sum payment summaries (i.e. Eligible Termination Payment statements)
• Business or other income earned.

Expenses

• Work related expenses (i.e. uniform, tools, travel, meals, self-education costs, union + professional membership)
• Motor vehicle expenses (i.e. petrol and maintenance costs, log book or estimation of kilometres)
• Rental property expenses (i.e. interest expense, property agent fees, body corporate, rates, insurance, cleaning, maintenance + repairs)
• Investment expenses (i.e. financial advice fees, investment borrowing fees, bank fees).

There may be other items as well depending on your circumstances.