Check list for Tax Time

With Tax Time only a week and a bit away, here is a checklist to help you get your tax return in order.

What will I need?

Income/Receipts:

•  payment summaries for salary and wages;
•      lump sum and termination payments;
•      government pensions and allowances;
•      other pensions and/or annuities;
•  allowances (e.g., entertainment, car, tools);
•  interest, rent and dividends;
•  distributions from partnerships or trusts;
•  details of any assets sold that were either used for income earning purposes or which may be caught by capital gains tax (CGT).

Deductions (in addition to those mentioned above):

•  award transport allowance claims;
•  bank and government charges on deposits of income, and deductible expenditure;
•  bridge/road tolls (travelling on business);
•  car parking (when travelling on business);
•  conventions, conferences and seminars;
•  depreciation of library, tools, business equipment (incl. portion of home computer);
•  gifts or donations;
•  home office running expenses:
•  cleaning
•  cooling and heating
•  depreciation of office furniture
•  lighting
•  telephone and internet;
•  interest and dividend deductions:
      – account keeping fees
      – ongoing management fees
      – interest on borrowings to acquire shares advice relating to changing investments (but not setting them up);
   – interest on loans to purchase equipment or income-earning investments;
•      motor vehicle expenses (business/work related);
•  overtime meal allowances;
•  rental property expenses – including:
      – advertising expenses
      – council/water rates
      – insurance
  - interest
      – land tax
  - legal expenses/management fees
      – genuine repairs and maintenance
  - telephone expenses
      – travelling to inspect property
•  superannuation contributions by sole traders;
•  sun protection items;
•  tax agent fees;
•  telephone expenses (business);
•  tools of trade.