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Tax Checklist

30 June in Australia means one thing – Tax Time! (some might say taxing times).

30 June is important for many reasons: the Australian financial year ends on 30 June, stock takes, closing the books, balancing up the payroll, preparing and issuing 30 June PAYG Payment Summaries and preparing the annual 30 June tax return.

Most people need to lodge a tax return at 30 June each year – but there are some exceptions.

As a general rule if you had any tax taken from any payment you received for the financial year ending 30 June you need to lodge a tax return.

For each financial year ending 30 June, you do not need to lodge a tax return if:

  • your only income at 30 June was salary and wages, you earned less than your tax-free threshold ($6,000 for most people) and your payer did not take any tax out of your pay
  • the only income you received for year end 30 June was from Centrelink (including CDEP payments) and you did not have any tax taken from it
  • all your income for 30 June was “exempt income”
  • you were under 18 years of age on 30 June, you received not more than $1750 from sources other than salary or wages.

There are other reasons 30 June is important. Information included in the annual 30 June tax return is used for many purposes: while some will have to pay tax, most salary/wage earners receive a refund of income tax instalments deducted from their pay throughout the year to 30 June.

The annual 30 June income figure is also used to reconcile other government benefits such as Family Tax Benefit (FTB), Child Care Tax Offset and various government benefits and responsibilities.

Finally, the annual 30 June tax return provides an opportunity to review family finances and set some goals for the next financial year ending 30 June.

For now, here’s a checklist to help you get started with your annual 30 June tax return.

Individual Tax Checklist(PDF)

INCOME DEDUCTION REBATES

PAYG Payment Summaries
(formerly Group Certificates)

Centerlink & Veteran’s Affairs Payment summaries

Other pensions & Annuities

  • Payment Summaries
  • If over 60your pension or annuity may not be taxable

Employment Termination Payment & Superannuation Lump Sum Payment Summaries

Employee Shares & Options
ESS employee share scheme Statement
Interest Received

Dividends

  • Please bring dividend statements

Trusts/Managed Funds

  • Please bring 2010 Annual Tax statements & 2010 Capital Gains Tax Statements

Capital Gains

  • Please bring all sale & purchase documents
  • Ask for our record keeping suggestions print out

Business Income & Expenses

  • All income and expenditure
  • All BAS covering 2009/2010

rent Received & Expenses

  • Please bring all agents statements or Agent’s Annual Summary. If rents commenced during the year please ring first to discuss depreciation claims
  • Loan documentation

Foreign Income

  • A resident of Australia must declare all foreign income-but they may get a credit for overseas tax paid. if you worked overseas please bring payslips.

Car Expenses

  • log book, expense details or kilometers traveled
  • HP/Lease finance contract if applicable

Travel

  • Diary required if away more than 5 nights

Self Education Expenses

  • Must explain nexus with work

Unions, subscriptions, stationary, tools equipment, etc

  • Home Office-a diary or other
  • Telephone-log is necessary
  • Computer-to establish
  • Internet-your tax claim

Items of Equipment

  • We will need to know the date of purchase
  • We also need to know if you use the item for private purposes

Donations

Income replacement r Protection Insurance

Superannuation Contributions

  • Details if eligible for a deduction
  • Most employees cant claim a tax deduction
  • NB C0-contributions cannot be claimed through your tax return

Investment Deductions

  • Full statements for interest claimed
  • great care needed if borrowings part private
  • Cost of initial financial plans are not deductible but ongoing reviews are deductible provided you have investment income

Private Health Insurance Statement

Spouse Details
In these cases

  • Senior Australians
  • No private Hospital cover
  • Education Tax Refund
  • Low income spouse(no children) offset
  • Entrepreneur’s discount
    we will need detailed information about your spouse, including de facto spouse and same sex spouse, including
    • Taxable Income
    • Reportable Fringe Benefits
    • Reportable Superannuation
    • Investment Losses

Education Tax Refund
If eligible for Family Tax Benefit Part A-
your school children’

  • Computer & Internet Costs
  • School Books and materials

Spouse Superannuation Contributions
Your contributions is a superannuation fund on behalf of your spouse if your spouse’s assessable income, reportable superannuation and reportable fringe benefits do not exceed $13,800.

Medical Expenses
Covers net medical expenses(i.e after refunds)> $1500 including:

  • Medical
  • Dental
  • Hospital
  • Optical
  • Pharmacy
  • You can request annual statements from your health fund & Medicare
  • You can request annual statements from your pharmacist
  • If you bring your Medicare card we may be able to access relevant medical expenditure & refunds- but we can’t do this with your private fund