06 Jul Tax Checklist 2017
To assist you in the preparation of your tax returns and transition to the new financial year, BCFR have devised a checklist to ensure you’re aware of the requirements for individuals and business owners.
Details of your income and expenses.
These could include:
- details from payment summaries from employers, super funds, Centrelink or Department of Veterans’ Affairs
- statements from banks and financial institutions showing interest received
- details of foreign pensions or other foreign income received
- employment termination payment summaries
- receipts for gifts, donations and work-related expenses
- details of any child support payments made.
If you have a spouse, you will need details of their income and expenses – to ensure we get your entitlements right.
If you have shares, units, managed funds or other investments you will need details of:
- dividend payments and distributions from managed funds
- any investment gains or losses from the disposal of shares, units and rental properties.
- Rental properties
- If you own a rental property you will need details of:
- rental income earned
- interest charged on money you borrowed for the rental property
- other expenses relating to the property, including any expenditure on capital works
Private Health Insurance
If you have private health you will need an annual fund statement listing the dependants covered by the fund.
You’re entitled to claim deductions for some expenses, most of which are directly related to earning your income.
To claim a work-related deduction:
- you must have spent the money yourself and weren’t reimbursed
- it must be directly related to earning your income
- you must have a record to prove it.
- If the expense was for both work and private purposes, you can only claim a deduction for the work-related portion.
Deductions can include
- Accounting/ Tax Agent Fees
- Bank charges/Interest
- Computer/Internet access expenses
- Details of professional library, reference journals and home office equipment purchase
- Home Office – Hours used per week x45c
- Income Protection Insurance
- Motor Vehicle Travel
- Other Sundry expenses, eg tools of trade, briefcase, protective clothing and union fees.
- Stationary, photocopying repairs and maintenance of equipment
- Seminars, conferences, study and exam expenses
- Subscriptions/Memberships (employment/business related)
- Telephone – Mobile
- Telephone – Home Office (work related calls only)