Rockingham’s LEADING Accounting Firm
Peacock Accounting Services
Rockingham's LEADING Accounting Firm
Tax Return Checklist
Income Checklist
Here you will find a list of the types of income you may need to declare in your tax return and the information required to get it right.
❑ Salary, wages, earnings, allowances, tips and directors’ fees
❑ Lump sum and termination payments
❑ Centrelink payments, including pensions and allowances
❑ Annuities or other pensions
❑ Interest earned as per your bank, building society or credit union statements
❑ Dividends received or reinvested, including any franking credits
❑ Distributions from partnerships and trusts
❑ Details of any capital gains or losses from the sale of shares or property
❑ Rent received from investment properties
❑ Details of any foreign source income earned or received, including overseas pensions, foreign assets and any foreign taxes paid
❑ Details of any shares issued by your employer under an Employee Share Scheme
Deduction Checklist
The following list is a very general guide to the types of deductions you may be able to claim.
When claiming deductions:
1. YOU MUST HAVE SPENT THE MONEY AND REMAIN OUT-OF-POCKET
2. IT MUST BE DIRECTLY RELATED TO EARNING YOUR INCOME
3. YOU MUST HAVE A RECORD TO PROVE IT
Work Related Expenses
❑ Motor vehicle expenses for work related travel
❑ Other work related travel such as taxis, uber, public transport, tolls and car parking
❑ Self education expenses, including course fees, books, stationery, travel and parking
❑ Purchase of tools or equipment for work related purposes. For items over $300, a receipt is required
❑ Home office running expenses, such as heating, cooling, lighting, cleaning, telephone and internet
❑ Sun protection such as hats, sunglasses and sunscreens for work related purposes
❑ Compulsory uniforms and protective clothing, including laundry costs
❑ Books, trade journals, subscriptions and professional library expenses
❑ Fees for seminars, conferences and conventions
❑ Details for meal allowance claims
❑ Depreciation of tools and business equipment
❑ Union fees
General Expenses
❑ Donations of $2 or more to a registered charity
❑ Tax agent fees, including travel to your tax agent
❑ Income protection insurance you may have
❑ Interest and fees on borrowings to acquire shares or purchase equipment used for income earning activities
Rental Property Checklist
INFORMATION TO PROVIDE
❑ If your investment property has more than one owner, what is the percentage of co-ownership
❑ If not for the full financial year, how many weeks was your property available for rent
❑ Annual rental statement from the real estate agency
❑ The Tax Depreciation Report for capital works deductions and depreciating assets
RENTAL DEDUCTIONS
❑ Interest and borrowing costs that relate to your rental property
❑ Council and water rates
❑ Advertising expenses to attract tenants
❑ Repairs and maintenance, such as replacing a broken window, lawnmowing or pest control
❑ Land tax
❑ Property management fees paid
❑ Body corporate fees
❑ Insurances including landlord protection, building and contents
❑ Stationery and telephone; calls to tenants and real estate agents
❑ Legal expenses for lease preparation
Offsets and Other Information
COMMON OFFSETS
❑ Private health insurance rebate – require the annual statement
❑ Zone offset – if your main residence is in a remote zone area, where and the number of days you reside there
❑ Spouse super contribution – any contribution on behalf of your spouse
❑ Seniors and Pensioners Tax Offset – if eligible, need spouse’s income
OTHER INFORMATION
❑ Residency – If you became, or ceased to be, a resident during the year
❑ Bank account details – All tax refunds are paid by the ATO via direct deposit