2012 Tax Return Checklist

Taxation Services Penrith

2012 Personal Tax Return Checklist

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

Download a printable PDF version of this newsletter here

Income

  • Payment summaries for wages.
  • Centrelink Statement in respect of:
  1. Tax-free Exempt Pension income received. (e.g., Disability Support Pension, Carer payments and Invalidity Service Pension etc.)
  2. Taxable support payments such as Newstart
  • 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.
  • Details of business income and expenses, including GST information where applicable.

Purchase and Sale documents for any investments 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.

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, even when you have been reimbursed.

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.
 
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 by sole traders or substantially unsupported taxpayers.

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. Also see the following article under Tax Tips about school uniform deductions.

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 the out-of-pocket amount for the family for the year exceeded $2,000 (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: Contact Medicare (Ph 132011), your health fund&your chemist to give you an annual statement with much of this information.

Other Information

HELP&SFSS Statements.

Statement in respect of Child Maintenance / Support payments paid. This can favourably impact on your eligibility for rebates such as the Education Tax Rebate.

PAYG Instalments paid.

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

Copy of tax 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.

Tax Tips

Education Tax Rebate – School Uniforms, although not claimable for this 2011 Tax Return, it is important to keep receipts for school uniforms (including sports uniform) costs from 1st July 2011 as these costs will be claimable for next years 2012 Education Tax Rebate.

Help Fees

1. Whilst HELP fees for Undergraduate courses are not claimable for tax purposes, other costs of completing this course such as text books, stationery&travel may be deductible depending on your circumstances.
2. Postgraduate HELP fees may be deductible in the year in which they are incurred depending on your circumstances.

Newstart – There is a once off opportunity this year to claim the cost of looking for a job as a deduction if you were in receipt of Newstart.

Other Common Tax Deductions

  • Union Fees
  • Home Office Expenses
  • Work related percentage of Internet fees
  • Seminars
  • Briefcase
  • Tools&Equipment
  • Calculator
  • Electronic Organise
  • Computer costs
  • Software
  • Memberships&Subscriptions
  • Telephone&Mobile Phone
  • Sun Protection deductions

Andrew Smith

Andrew is a 33 year old local and joins us as a senior tax accountant with over 9 years of experience as a Practice Manager for a local tax practice. His experience covers Personal&Business tax returns including Investment Properties, Capital Gains Tax , Partnerships&BAS clients.

Maximise your Refund – Minimise your Tax
Please ring for your appointment with either Andrew, Donna or Max for expert assistance to prepare your Tax Return.

Financial Planning

Announcing an expansion to our Client Services.

Over the past few years, quite a few of my clients have asked if I could help them with their personal and business related financial planning needs.  The demand for financial planning has grown and so to has our
team, resulting in the appointment of Justin Hyland* to the role of Senior Financial Adviser.

Consequently, our range of client services has been extended to now include all aspects of financial planning:

  • Wealth Planning & Retirement planning
  • Investments
  • Redundancy advice
  • Business insurances and succession planning
  • Life insurance and other personal risk insurances
  • Superannuation (including Self Managed Super)
  • Home loans and business finance

Justin has extensive experience working with clients to create secure financial futures.  Justin has worked in Financial Planning since 1997 and specialises in developing strategic financial plans for clients who are:

  • About to retire
  • Looking to accumulate wealth
  • Wanting to protect themselves and their family with personal insurance
  • Investing a lump sum
  • Looking to manage debt efficiently
  • Wanting to protect their business estate

Justin uses a three-step risk aversion process to minimise his clients’ exposure to investment risk and market volatility – and therefore help his clients attain genuine financial security and investment success. This process includes:

  1. The use of ‘tipping points’ to help determine when to start investing more into certain assets… and when to start taking profits.
  2. The use of a ‘gap analysis’ procedure to determine the most prudent asset allocation a client can adopt and still achieve their lifestyle and financial goals
  3. A rigorous regular review process for each client’s investments.

Justin is a well-credentialed, trusted adviser who has a lifetime commitment to his clients’ financial well-being.

In order to be licensed to provide Financial Planning advice we are pleased to announce  our alliance with Australian Unity to ensure  we have full access to the best research and other services only a major financial institution can afford, while still allowing us to stay small enough to continue to provide friendly and personal services to you.

If you would like to ask Justin or me for advice on any of the issues listed above, please feel free to call on (02) 4731 1405, to arrange a meeting. That initial meeting will be free of cost and obligation.
I sincerely hope you decide to avail yourself to this opportunity – I can assure you Justin Hyland is a knowledgeable and experienced financial planner who is well qualified to help you create a secure financial future.

* Justin Hyland is an authorised representative of Australian Unity Personal Financial Services Ltd    (ABN 26 098 725 145   AFS Licence No. 234459)

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