News | August 2009 | Tax Return Checklist 2009

Tax Return Checklist 2009

Thinking about lodging your tax return? Need help getting your documents together? Qaccounts can help. We have compiled a comprehensive checklist that covers the most common items that Australians declare on their income tax returns.

Income:

  PAYG Payment Summaries
  Government payments including
       - Pensions
       - Newstart Allowance
       - Youth Allowance / Austudy
  Lump sum and termination payments
       - ETP Payment Summary from the employer or fund
  Annuities, including allocated pensions
  Interest and dividends
       - Interest details can be obtained from your bank using internet banking services
       - Dividend statements confirm the dividends and franking credits received
  Income from trusts and partnerships
       - Distribution statements confirm income received
  Rental income
       - Summary from real estate agent
       - The dates that the property was available for rent
  Income and expenses from business activities
  Capital gains from CGT asset sales (e.g. shares and real estate)
       - Information relating to dates and costs associated with acquisition
       - Information relating to dates and amounts received on disposal
  Foreign source (employment and pension) income
       - Details of any foreign tax paid will be required
  Any other documents that you think may be required or have questions about

Deductions:

  Expenditure records related to a taxpayer's employment
       - work-related motor vehicle expenses
       - travel expenses
       - self-education
       - protective clothing, uniform expenses
       - home office expenses
  Professional subscriptions (some social memberships cannot be deducted)
  Donations to eligible deductible gift recipient organisations
  Tax agent's fees and other accounting fees associated with managing tax affairs
  Investment and property expenses
       - Interest claims must have adequate documentation
       - Depreciation schedule
  Sickness and accident insurance premiums
       - The premium must be for income protection incurance
  Superannuation contributions made by self-employed persons
       - This item is only deductible in specific cases
  Prior year losses
  Any other documents that you think may be required or have questions about

Rebates:

  Details of private health insurance, unless the premium is net of the rebate
       - Statement from health insurance provider will be required for determination
  Any changes in dependants
       - Income of spouse will be required
  Details of medical expenses where total out-of-pocket payments exceed $1,500.00
       - Tax offset of 20% available
  Dependent child of full-time student rebate
       - Family Tax Benefit may be relevant

Once you have all of your documents contact Qaccounts and we will prepare your Income Tax Return.

The information provided in this article should not be taken/understood/or misconstrued as taxation advice. The application of taxation advice varies from person to person. You should seek a specific professional assessment of your circumstances from a qualified and registered tax agent.

Qubek Pty Ltd is a registered tax agent.

11 August 2009