2010 Tax Time Checklist

2010 Personal Tax Return

It will assist us to maximise your refund if you review the following checklist and bring all relevant information with you to your appointment.

Income

 Payment summaries for wages.

 Centrelink Statement in respect of:

1. Tax-free Exempt Pension income received. (e.g., Disability Support Pension, Carer payments&Invalidity Service Pension etc)

2. Statement in respect of Child Maintenance / Support payments paid.

 Payment summaries for superannuation pensions&lump sums and employment termination payments.

 Payment summaries for govt pensions&allowances.

 Interest received from banks etc.

 Dividends received or reinvested (bring statements).

 Partnership and/or Trust income.

 Managed Funds (investments) Tax Statements&Capital Gains Tax Statements (if there were any disposals during the year).

 Details of business income and expenses, including GST information where applicable.

 Purchase and Sale documents for any assets which were acquired after 19 September 1985 and sold during the year, for Capital Gains Tax calculations (e.g. shares, rental property, holiday home, vacant land etc).

 Rental property income and expenses, including agent’s annual or monthly statements, interest on loan(s) and a summary of any other expenses.  Also supply your solicitor’s letter, settlement sheets and a depreciation report if a property was acquired during the year. 

 Discounts on shares or rights acquired under an employee share scheme, including prior year discounts where “cessation time” occurs this year.

 Any other income (attach details).


Deductions

 Summarise your work-related expenses and we will advise on deductibility.  Note that if your total work-related expenses exceed $300 (excl car expenses and claims against certain allowances) you must have receipts to prove the total amount.

 Overtime Meal Deductions: Please bring in your payslip showing the rate paid per meal.

 Living Away from Home / Travel Allowance: Please bring in your payslip showing the rate paid per night whilst away from home.

 Car Deduction – Employment related&self employed

Cents per Kilometre Method: You may be able to claim up to 5,000 kilometres of work related travel. Please bring your record of kilometres travelled.

Log Book Method: If travelling more than 5,000 kilometres it may be in your interests to use the “Log Book Method”. Please review the requirements for using this method located on my website at www.agradetax.com.au under “Tax Tips”.

 Interest paid on investment loans (excl rental props).
 
 Summarise donations from your receipts.  The receipts will indicate if the donation is tax-deductible.

 Tax return fee last year (if not done by us).

 Financial planning fees.

 Income protection insurance premiums.

 Personal (deductible) superannuation contributions.

 Any other deductions (attach details)


Tax Offsets

 Private Health Insurance Statement.

 Education Expenses for primary or secondary school studies (at school, home or TAFE) by a child or yourself if you were an independent student under 25 years old.  If eligible, only include the cost and repair of computers and computer-related equipment, internet access fees, computer software, textbooks, study guides and stationery.  Also include the cost of tools for a school-based apprenticeship.

 Spouse superannuation contributions made by you.

 Location(s) and period(s) lived in a remote area or served with overseas forces.

 Medical expenses paid, if out-of-pocket amount for the family for the year exceeded $1,500 (include doctors, nurses, hospitals, chemists, dentists, optometrists, therapeutic treatment at the direction of a doctor, medical aids prescribed by a doctor, artificial limbs, eyes & hearing aids, treatment under an in-vitro fertilisation program and payments made to a nursing home or hostel but not a retirement home). 

TIP: Medicare (Ph 132011), your health fund & your chemist can give you an annual statement with much of this information.


Other Information

 HELP & SFSS Statements.

 PAYG Instalments paid.

 Copy of Spouse’s Return (if not being prepared by us)

 Copy of return for previous year (if new client).

 Payment of Refund: Please bring your BSB & Bank account details for electronic payment of your refund. This provides the fastest method of receiving your refund.

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