Be Prepared: What You Need to Bring to Your Tax Return Appointment - 4th July 2017

If you're coming in soon to discuss your tax return for yourself or your business, be prepared.

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, but will depend on your own circumstances. The checklist will help you tick off what you do or don't have in preparation for your next visit.

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 - for example, sale of shares or property
• Dividends
• Personal services income
• Net income/loss from business
• Rental income - for example, from an investment property
• Lump sum termination payments
• Superannuation lump sum payments

Expenses for Tax Deduction

• 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 loan
• 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

It is highly recommended that you keep receipts for all expenses and possible tax deductions you are considering claiming for you or your business. It is also a good idea to scan and file them electronically so that they are accessible should you need them for audit purposes.

If You're in Business

Further to the above information, we may also require the following information for review, so it is recommended you scan or photocopy these:

• 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
• Stock valuation figure after performing your June 30 stock take.

We will work through every allowable tax deduction available for you and/or your business. Remember to ask us what tax incentives are available to you which may work to increase your tax deductions.

Tip! If you have sold the family home over the last income year, although it is CGT-free we will still need to note in your individual tax return that this property has been sold. Rest assured that capital gains will not be calculated for this asset sale, although we will of course explain this to you before lodging on your behalf.

AV Chartered Accountants - Committed to Your Business Success