What to bring to your tax return appointment

If you’re coming in soon to discuss your tax return for yourself or your business, come prepared with some records or access to them to help us with the preparation.

Being prepared is not only wise, but saves a lot of time and effort for both yourself and for us.

If you are a new client, it is always smart to arm yourself with last year’s tax return. This should have your personal details, Tax File Number, income streams, tax offsets, deductions, and other relevant information previously claimed. Also bring your latest bank account details in the event that you’re entitled to a refund.

If you use an online accounting solution, all or most of your data should be available online for us to access. Most packages capture business transactions, and allow you to record data in real-time and in a format that we understand (as well as giving us access to it 24/7 so we can work on your return after the appointment is over).

Here is a brief general checklist of things to prepare
for your tax return appointment. Not all of the following will be relevant for everyone, and will depend on your circumstances. But as a checklist it should help you tick off what you do or don’t have in preparation for your return.

We will work through every allowable tax deduction available for you and/or your business. Don’t forget to ask us what tax incentives are available to you which may work to increase your tax deductions.

INCOME

  • PAYG summaries from employers
  • Bank statements for any interest received during the financial year
  • Distributions from trusts, partnerships, managed super funds
  • Allowances (car, travel, entertainment, meals etc.)
  • Government pensions and allowances
  • Foreign income
  • Capital gains – eg sale of shares or property
  • Dividends
  • Personal services income
  • Net income/loss from business
  • Rental income – eg from an investment property
  • Lump sum termination payments
  • Superannuation lump sum payments
  • Any shares/options received under an employee share plan

EXPENSES FOR TAX DEDUCTIONS

  • Motor vehicle expenses based on business use percentage and kilometres travelled (include your log book if applicable)
  • Travel and accommodation information – domestic and overseas
  • Work uniforms and other clothing expenses
  • Courses, education and seminars
  • Home office expenses
  • Computer, software and repairs
  • Tools and equipment
  • Employee costs
  • Superannuation contributions
  • Rent/lease payments
  • Interest paid – say on an investment property
  • Dividend deductions
  • Bank fees
  • Low value pool deductions/depreciation
  • Telephone and internet costs
  • Freight and transport costs
  • Utilities – electricity, gas, water
  • Legal and accounting fees
  • Donations
  • Income protection insurance
  • Details of any asset purchases
  • Childcare expenses

IF YOU’RE IN BUSINESS

  • Bank and credit card statements
  • Lease, hire purchase, chattel mortgage or other loan agreements to your business
  • Business Activity Statements and Instalment Activity Statements and working papers
  • Post-June 30 stocktake valuation figure.

Keep receipts for all expenses and tax deductions you are claiming for your business. Scan and file them electronically so they’re accessible should you need them for audit purposes. Also bring your health insurance statement and receipts for any medical expenses as an offset may be available.

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Welcome to the InterActive Tax Consultants’ news – part of our personal and easy to understand approach to taxation. We are committed to working with you to achieve the best results for your business. If you have any question or would like more information on any of the articles please contact us.