Personal Income Tax Preparation & Checklists
- Are you an Australian Tax Resident? Please contact us if you are not sure.
- Your main occupation:
- Salary & Wages – Provide your annual “PAYG Summaries” (Group Certificates)
- Allowances paid
- Employee termination payments (ETPs)
- Bank Interests received
- Dividends Received – Require all statements with a payment date falling inside the financial year or a summary if you provide the name of the shareholding, the total franked dividends, total imputation credits and total unfranked dividends for each holding.
- Managed Funds Provide a copy of the Annual Taxation Summary.
CENTRELINK: Did you receive any government payments in this financial year?
- Centrelink payments: Provide annual statements for any Australian pensions, Newstart, Youth allowance, Sickness allowance or special benefits.
- Parenting payment and summary
CAPITAL GAIN & CAPITAL LOSS: Do you have any capital gain event in the financial year?
- Capital Gain(s) from shares – If any shares were sold in the financial year, please provide a copy of the original Buy contracts plus any Dividend Reinvestment Statements and the Sell contract.
- Capital Gain(s) from a real estate: If property was sold, provide a copy of the Particulars of Sale, Statement of adjustments, advertising costs, agent commissions and a summary of all costs incurred from the original purchase price plus stamp duty, legal fees, valuation fees, building & pest reports and any capital improvements.
If the property was partly rented, do you keep any valuation reports? Pease provide the important dates.
- Capital loss: do you have any capital loss shown on your last year’s tax return? If yes, please advise us with a copy of your prior year’s tax return.
PARTNERSHIP OR TRUST INCOME: Did you receive any distributions in this financial year?
- Income or distributions from a PARTNERSHIP OR TRUST.
Please provide the name, TFN and type of income you received.
If it is a trust distribution, please specify the type of trust it is.
- Expenses incurred for producing the income:
OTHER INCOME (if applies to you)?
- Taxable compensation payment
- Taxable educational or training allowance (excluding family tax benefits).
- Australian Superannuation lump sum payments.
- Employee Share Schemes (ESS) statement
- Director’s fees
- Other income: foreign income, royalties, scholarships, bursaries, grants & jury service fees
- Rent collected from rental properties (see below for more details)
- Work-related car expenses (2 methods):
- Cents / per km method: maximum 5,000km.
- Logbook method: Use a logbook to calculate the percentage of car expenses by recording the trips for 12 continuous weeks. A logbook is required every 5 years and/or when your job or circumstances change.
What can be deducted by using the logbook method?
Fuels, registration costs, CTP, insurance, NRMA membership, car loan interests,
services & repairs, tires, tolls, parking, car wash, other associated costs and depreciation.
(1) If you are paying a car loan, please ask the financial institute to provide you a copy of financial statement to show the total interests paid (excluding the principal amount).
(2) If you purchased a new vehicle, please provide the purchase details and dealer’s invoice.
(3) The trips to and from your work place are normally not deductible, unless you have a home-based office and you start or end your day’s work from your home. You must also substantiate this fact. Please discuss your situation with us if required.
You may claim the kms or trips for carrying heavy tools from your home to your work place (please discuss with for the conditions apply) .
- Work related travel – Did you incur any tolls, parking fees, car hire, taxi, airfares, train travel, accommodation, food, drink & incidental expenses? You will need to have proofs and diary records.
- Work-related uniform, occupation specific or protective clothing, laundry & dry cleaning expenses. Claiming over $150, you must provide receipts or proof.
- Work-related self-education expenses – did you study and was it related and essential for you to keep the current work? Consider course fees (not HECS), student union, textbooks, and stationary. If you have a computer, consider percentage of private use, and also provide date acquired and amount paid. You can claim the cost of travel from your work to your classes, but not to and from your home.
- Do you have income protection insurance? If so provide details & premium payment.
- Other employment work-related expenses:
- Union fees, license fees, professional membership fees
- Professional libraries, subscriptions to trade journals, professional magazines, job-related newsletters & books.
- Brief case, laptop bag, calculators, electronic oranizers and diary
- Technical instruments like laptops, computers, printers, cartridges. accessories, software and hardware and cameras, etc. You must first work out the work-related percentage for these expenses.
- Hand tools and power tools
- Mobile phone and internet costs – must have a minimum 4 con week phone bills to prove the work-related percentage. You are able to claim repair costs and some associated costs for the phones only if you are claiming phone expenses.
- Protective items like sun hats, safety glasses, sunscreens, sunglasses and safety equipment.
- HOME OFFICE if you work from home, advise how many hours per week? Are you on-call for your work? Please contact us for more details.
Method 1: The ATO accepts the claim amount being 45 cents per hour working from home (have a diary showing working hours).
Method 2: You may use the exact expense ratios to claim percentages of the running costs like: home office equipment, computers, printers and telephones, heating, cooling and lighting; the costs of repairs to your home office furniture and fittings and portion of cleaning expenses. You must keep records of home expenses, such as: all receipts, diary entries for small expenses, a diary you have created to work out how much you used your equipment, home office and phone for business purposes over a representative 4-week period.
- INSTANT WRITE-OFF (items less than $300)
Depreciation or instant write-off: any item listed above that is less than $300 can be written off instantly. Capital assets cost more than $300 such as computers ipads, phones, software, hardware, motor vehicles, furniture, tools, machinery and equipment.
- DEPRECIATION: Items costing more than $300 need to be depreciated over several years generally based on the effective life of the asset, such as motor vehicles, computers, ipads, phones, furniture, tools, machinery and equipment, etc (this is different from the $20K instant write-off for “small business entities”).
- DONATIONS – your summary of donations to the Deductible Gift Recipients (DGR).
- MANAGING TAX AFFAIRS – how much did you pay a registered Tax Agent last year?
What was the number of kilometres travelled to and from the Tax Agents office?
Did you attend a seminar or a course for learning how to prepare your own tax?
Did you have to pay ATO interest for late payments?
PRIVATE HEALTH INSURANCE – provide a copy of your “annual health insurance statement” and advise if you have any dependents (Income over $90,000 – single or $180,000 – family). Do you have a spouse? How many dependent children do you have?
MARITAL STATUS: Single, Married, Single parent, Share parenting, De facto, etc.
- Spouse/partner’s details:
Full name, Date of birth & his/her 2017 taxable income
- Number of dependent children:
- Total Child Support you have paid: please give a total.
Do you have an investment property that is rented out during the financial year?
- Property address:
- Purchase date:
- Purchase price:
- Your ownership share (%). The other owner’s name(s) & share %.
- The first date that the property was rented:
- Do you have a real estate agency’s “end of year financial statement”?
- Do you have a “depreciation schedule”? Please provide a copy if you have one.
- Rental expenses you can claim:
- advertising for tenants
- bank fees
- strata levies
- cleaning costs
- council rates
- water rates
- gardening and lawn mowing
- insurance – building, contents and public liability
- interest expenses
- land tax
- pest control
- property agent fees and commissions
- repairs and maintenance
- travel expenses
- stationery and postage
- borrowing expenses (claim over 5 years)
- decline in value of depreciating assets & capital work
ADDITIONAL INFORMATION REQUIRED:
- Disability carer tax offset: Do you have a disability? Are you a carer for a disable person?
- Did you pay any superannuation contributions on behalf of your spouse?
- Medical expenses offset: Eligibleexpenditure from 2015/16 to 2018/19 is restricted to disability aids, attendant care or aged care. The out-of-pocket expenses were greater than $2,265. Please contact us for more details in this area.
- Foreign income: Disclose if you received income from sources outside Australia that is neither your taxable income nor a fringe benefit. Please also provide a copy of your foreign tax return. You are entitled to a tax credit paid in the foreign country.
SOLE TRADER BUSINESS INCOME: Do you have a Sole Trader Business?
- If yes, please provide your ABN, business name and nature of the business.
- Are you registered for GST? (Quarterly or annually?)
- Do you have any employee(s)?
- Summary of PAYG (pay as you go tax) paid for yourself and your employees
- Summary of Superannuation guarantee paid for yourself and your employees
- Summaries of all types of income and itemised expenses.
- $20K Instant write-off: Did you purchase and business asset that cost less than $20,000 in the financial year? If yes, please provide the items and the percentages of business usages.
- Depreciable assets: information about your motor vehicle, computer, software, hardware, tools, security, machineries and furniture, etc.
- Tax loss or capital loss? Did you have a tax loss or capital loss being carried forwarded from the previous year(s)? If yes, please provide the tax loss figure from your previous year’s tax return.
To make an appointment, simply use one of the methods below:
- Call us on (02) 9498 2655 I SMS to 0478 521 488 I Send us an email: firstname.lastname@example.org
- Opening Hours: (after-hour appointments can be pre-arranged)
Monday – Thursday 9:00am – 6:00pm
Friday Appointments only (9:00am – 3:00pm)
Saturday Appointments only
|Kasker Associates website is to provide information of general interest to their clients. The content of this website does not constitute specific advice. Readers are encouraged to consult their tax adviser for advice on specific matters.|