Do you know what is the most commonly asked tax question? It is, what documents do I need? What evidences do I need to keep? What records you need as an accountant to prepare my tax return? To make it easy, we have come up with a general shortlist of documents to be provided to us, for a smooth and quick preparation of your tax return.
INCOME
- Your Photo ID
- Bank details for refund
- Payment Summaries (PAYG, Termination)
- Spouse details & Spouse’s taxable income
- Annual bank statement showing interest earned
- Dividend statements
- Annual share trading reports in PDF and CSV
- Annual statements from managed investment funds
- Details of foreign income earned(If applicable)
- Documentary evidence for any other income received.
DEDUCTIONS
- Details of Income Protection Insurance, Sickness and Accident Insurance
- Evidence of donations to charities
- Accountant Fees Invoice for previous year’s tax return
- Log book and expense receipts for vehicle used for work purposes
- Receipts for work-related travel expenses
- Receipts for tools, equipment and uniform
- Work related education expenses
- Receipt/invoice/documentary evidence for any other related deduction not already cover.
Investment Property Check List
- Contract of Sale
- Rental Summary/ Income Expenditure
- Advertising
- Body Corporate
- Settlement letter ( Borrowing expenses )
- Council Rates
- Gardening
- Land Insurance
- Bank Statement for Interest on loan
- Land Tax
- Depreciation Report
- Depreciation Report Invoice
- Legal Fees
- Repair & Maintenance Related Expenses
- Pest control
- Postage
- Stationery
- Travel Expenses
- Water Rates
- Any other deductions pertaining the maintenance of the investment property.