Preparing information for your tax return


Maximise your tax refund with taxologyHow to maximise your tax return refund

The key to maximising your tax return refund is having all the necessary information ready to help your accountant get you the best result for your situation. Many clients ask ‘What can I claim as a tax deduction on my tax return?’ Unfortunately, Australian tax law doesn’t quite work that way. It is more a case what limitations are enacted within legislation, what court case legal precedents exist and what Australian Taxation Office rulings and legislation interpretive decisions have been made. It is far from a simple list of eligible deduction items. This is why it pays to get quality advice from a Registered Tax Agent and Tax Advisorgetting it wrong can be costly.

Taxology Accountants are here to help you get the best result for your Tax Returncontact us to make an appointment for your business accounting needs (evenings & weekends welcome). Too busy? Why not try our online tax return service, simply register as a client to get started.

Although every client’s situation is different, here are some common items that we may need to prepare your tax return:

    • A copy of your prior year tax return

      Whilst this is not always required, there are occasionally items from a prior year tax return that are relevant to following tax periods. Some common examples are: asset depreciation schedules, deferred non-commercial business losses, and carried forward tax and capital losses.

    • Details of your income for the tax period

      • Employment Payment Summaries
      • Income not reported on your payment summaries (e.g. tips & gratuities)
      • Employment Lump Sum Payment Summaries
      • Employment Termination Payment Summaries
      • Government Benefits Payment Summaries
      • Government Pensions Payment Summaries
      • Superannuation or Annuity Payment Summaries
      • Interest Received
      • Dividends Received
      • Employee Share Schemes
      • Partnership and trust distributions
      • Labour Hire Payment Summaries
      • Business Income
      • Capital Gains Tax Asset (CGT Asset) Events
      • Rental Property Income
      • Foreign Source Income
      • Other Income

       

    • Details of your expense deductions for the tax period

      • Work Related Car Expenses
        • Motor Vehicle Log Book
        • Purchase/Sale/Lease Documents
        • Finance Documents
        • Ownership/Usage Changes
        • Additions/Improvements Documents
        • Details of your expenditure for the year

         

      • Work Related Travel Expenses
        • Travel Diary
        • Travel Expenses
        • Non-car Expense Details

         

      • Uniform & Clothing Expenses
        • Uniform purchases
        • Laundry costs
        • Footwear costs

         

      • Self-education Expenses
        • Course Fees
        • Study Materials
        • Travel Costs

         

      • Other Work Related Expenses
        • Union Fees
        • Tools & Equipment
        • Home Office Expenses
        • Computer/Telephone/Internet Expenses

         

      • Expenses associated with your investments
        • Interest Expenses
        • Advisory Fees
        • Research Costs

         

      • Other deductions
        • Charitable Donations
        • Prior year accounting/tax preparation fees
        • Income Protection Insurance
        • Other Expenses

 

  • Details of other factors for the tax period

    • Private Health Insurance Annual Statement
    • Medicare Levy Exemptions
    • Spouse or Defacto Income
    • Voluntary Superannuation Contributions
    • Higher Education Debt
    • Names & Dates of Birth for your Spouse/Dependants
    • Family Tax Benefit Information
    • Out of pocket medical expenses paid for the year
    • Changes to your family situation
    • Changes to your residential circumstances

The information detailed above is only intended as a general overview. Please contact us for specific advice with regard to your personal situation.