DEDUCTIONS (Work related expenses)

Deductions for work-related use of your car or another motor vehicle

Deductions when you buy, repair or launder occupation-specific or protective clothing, or distinctive uniforms.

You can claim a deduction for self-education expenses if the education relates to your employment activities.

Deductions for attending seminars, conferences, and first aid or other training courses connected with your work.

You can claim a deduction for the cost of buying or subscribing to a professional publication, newspaper, news service or magazine if you can show: a direct connection between your specific work duties and the content. the content is specific to your employment and is not general in nature.

You can’t claim a deduction for parking at or near a regular place of work. You also can’t claim a deduction for tolls you incur for trips between your home and regular place of work. These are private expenses.

You can claim a deduction for parking fees and tolls you incur on work-related trips.

Deductions for mobile phone calls and internet expenses you incur for a work-related purpose, including the device.

Deduction for expenses to manage your tax affairs, such as lodging with a registered agent.

Deductions for work-related transport expenses such as flights, trips by train, bus, taxi or ride-share, and tolls.

Deductions for tools or instruments you use for work, including the cost of repairs and insurance.

Deductions for travel expenses you incur when you travel and stay away from home overnight for work.

For the industry you work in, you may claim a deduction for: union feessubscriptions to trade, business or professional associations. payment of a bargaining agent’s fee to a union for negotiations on a new enterprise agreement or award with your existing employer.

Computers and laptops are generally depreciating assets which decline in value over the time you use them. If when you buy a computer, it includes software as part of the purchase price, you don’t need to break up the costs to calculate the decline in value.

Receipts for donations of $2 and more to registered charities.

Deductions for the costs of earning interest, share dividends, or income from other investments.

You may be able to claim a deduction for personal super contributions you make to a complying super fund or retirement savings account (RSA).

To claim a deduction, you must first give your super fund or RSA provider a valid notice of intent and receive an acknowledgment form from your fund or RSA provider.

Before claiming a deduction for personal super contributions, you should consider the impacts on your super.

You may be able to claim a tax deduction for expenses you incur in carrying on your business.

Individual Tax Return Checklist

Tax Checklists By Tradewise Solutions Chartered Accountants Is A Basic Checklist For The Common Information Required To Prepare Income Tax Returns For This Year. The Checklist Is Available On Their Website.

Rental Property

Rental Income
Statement from your property or managing agent, also known as a profit and loss statement (P&L).
Rental Expenses
Advertising for tenants.
Body Corporate fees.
Borrowing expenses.
Cleaning expenses.
Gardening expenses.
Insurance expenses.
Interest on loan.
Land tax.
Legal fees.
Pest control expenses.
Property Agent Fee.
Repairs and maintenance expenses.
Water expenses.
Other/ Sundry expenses.

Companies, Partnerships, Trusts and Other Businesses

Income/Earnings Documents
Trading income.
Other income (e.g. Rent, Interest, Royalties).
Details of Capital Gains Tax assets (e.g. stock, shares and real estate) sold, including dates of, and costs associated with, acquisition and disposal (including settlement statements and Sale/purchase agreements.
Dividends, including details of franking credits.
Income from foreign sources including details of any foreign taxes paid.
Stocktake details at the financial year end as at 30th June, where applicable
Repairs and maintenance.
Salaries, including fringe benefits.
Fringe benefits tax paid.
Rates, land taxes and insurance premiums.
Advertising expenses.
Interest on borrowed monies.
Deductions relating to foreign source income.
Prepaid expenses (subject to transitional rules).
Retirement payments and golden handshakes.
Bad debts actually written off during the year.
Donations of $2 and over depending on the recipient.
Legal expenses.
Losses of previous years (or intra-group transfers).
Superannuation contributions.
Motor Vehicle Expenses.
Tax agent’s fees and other accounting and tax audit fees.
Royalties paid.
Start-up costs for a new business.
Balance Sheet
Asset register detailing depreciable assets bought, sold or disposed of during the year and copies of tax invoices.
If not using Cloud software, please provide all bank statements for the financial year.
Details of CGT assets purchased or sold during the year, including contract & settlement sheets.
Details of work-in-progress.
Listing of trade debtors with amounts outstanding at the financial year end as at 30th June & any details of bad debts or uncollectable amounts.
Value of stock at the financial year end as at 30th June (and basis of valuation).
Details of all loans and full financial year bank statements.
Listing of trade creditors with amounts owing at the financial year end as at 30th June.
Statements from any financer’s detailing the opening and closing balances of existing loans during the financial year.
Details of any changes to shareholdings or directorships or new units issued.
Details of any changes to shareholdings or directorships or new units issued.
Details of loans from shareholders or partners.
Details of any Annual Leave or LSL due to employees (if applicable).
Additional Information
Copy of the Company Constitution, if not already supplied.
Copy of the Trust Deed, if not already supplied.
Copy of the Partnership Agreement if not already supplied.
Copy of the Trust Distribution Advice Minutes (Notification Decision).

IMPORTANT DISCLAIMER: This document contains general advice only and is prepared without taking into account your particular objectives, financial circumstances and needs.  The information provided is not a substitute for legal, tax and financial product advice.  Before making any decision based on this information, you should speak to a licensed financial advisor who should assess its relevance to your individual circumstances.  While the firm believes the information is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk.  The information provided in this website is not considered financial product advice for the purposes of the Corporations Act 2001.