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2018 Tax Return Checklist

2018 Tax Return Checklist
July 23, 2018 va-admin


Income

  • PAYG summaries eg from employers
  • Lump sum payments (eg Employment Termination Payment)
  • Trust or Partnership distributions received
  • Managed fund annual tax statement and capital gains tax statement
  • Overseas income eg employment income, foreign dividends
  • Dividend statements
  • Bank statements stating interest earned
  • Term deposit statements stating interest earned
  • Buy/sell contract notes for shares (if any shares were sold).


Work-related Deductions

  • Details of depreciable assets bought during the year (eg laptops)
  • Professional journals / magazines
  • Professional memberships / subscriptions, receipts for courses and seminars
  • Mobile phone expenses, internet expenses, home office expenses. Provide a work related % for these expenses
  • Receipts for self-education expenses
  • Receipts for other work related deductions such as protective clothing, uniform expenses and travel
  • Vehicle expenses incurred, km’s driven (work related), logbooks.


Other Deductions

  • Receipts for donations of $2 and over to registered charities
  • Expenditure incurred in managing tax affairs
  • Expenditure incurred in earning investment income(eg margin loans, financial advisor fees)
  • Income protection insurance premiums.


Rental Properties

  • Annual statement from property agent
  • Date when property was purchased
  • Details of depreciable assets bought or disposed during the year
  • Premiums
  • If property is held by more than one individual, please provide details of owners and their legal ownership percentage
  • If property was disposed of during the income year, information relating to dates and costs associated with the acquisition and disposal of the property
  • Loan statements for property showing interest paid for the income year
  • Period property was rented out during the income year.


Offsets/Rebates

  • Details of dependents, including their age, occupation and income
  • Number of children, their age and taxable income(if not prepared by Vital Addition)
  • Private health insurance statement (if insurance is held with your partner, please state who is the primary holder and provide the age of your partner).


If Operating as a Sole Trader

  • Cashbook, which includes records of drawings taken before the business takings were banked
  • Copies of Business Activity Statements lodged
  • Copies of PAYG summaries for employees
  • Details of superannuation contributions for employees
  • Details of any assets purchased, including date of purchase and amount
  • Records from accounting software (eg trial balance, P&L and balance sheet)
  • Statements of all liabilities of the business
  • Notice of superannuation contributions for self-employed persons.


Other Information

  • Details of any employee share scheme
  • Copy of your most recently lodged tax return(if Vital Addition didn’t prepare)
  • Were you working in Australia on a working holiday visa (417 or 462)
  • Any other information that you think is relevant.
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