Tax Time Tips

Now is a great time to commence collating information for your tax return. Starting early will avoid a last-minute rush, possibly save on accountant fees, and avoid you forgetting deductions.

Start compiling information from the past year for the following, where applicable:

Income items – what to gather

·       Rental properties – income statements, expenses, depreciation schedules, etc.

·       Business – profit & loss from business activities you run.

·       Foreign income – documents detailing income from international sources.

·       Capital gains/losses – purchase/sales documents for assets purchased/sold during FY20. Eg. Shares, investment properties, etc.

·       Employee share schemes – documentation and details of acquired shares.

Deduction items – what to gather

·       Motor vehicle – logbook, receipts, etc.

·       Travel (fares and accommodation) – travel diary, receipts, etc.

·       Uniforms/work-wear – receipts.

·       Self-education and professional development – receipts.

·       Union, registrations, tools, subscriptions, memberships – receipts.

·       Home office, seminars, conferences – receipts, calculation, etc.

·       Telephone, computer, internet – receipts, calculation, etc.

·       Any other costs incurred to earn income – receipts, calculations, documentation, etc.

·       Donations to charities or building funds – receipts.

·       Income protection insurance - documentation

·       If self-employed, contributions to superannuation – intent to claim from super fund, contribution details.

·       Costs for managing tax affairs – receipts.

·       Medical expenses totalling more than $2,093 or $668 if you hold a concession card or receive Family Tax Benefit Part A – receipts.

Get in touch if you have any questions