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Tax Checklist 

Individual Tax Return Checklist

Personal Information

Prior year tax returns

Full name, date of birth, and Tax File Number (TFN)

Contact details (current address, phone number, and email)

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Income Documents:

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Payment summaries or income statements from employers

Lump sum and termination payments

Government pensions and allowances

Other pensions and/or annuities

Records of rental income, if applicable

Details of any pensions or annuities received

Interest received

Dividend statements from investments

Employee Share Scheme statements

Distributions from partnerships or trusts

Capital gains and losses records

Staking rewards and airdrops

Deductions and Expenses

1. Motor vehicle :

  • Logbook records

  • Fuel

  • Insurances

  • Registration

  • Service

  • Repairs and maintenance

  • Interest on loan

  • Lease payments

  • Purchase documents for the vehicle

2. Other travel expenses :

  • Tolls

  • Parking 

3. Work-related clothing (protective, occupation specific, compulsory and non-compulsory) :

  • Uniform costs

  • Laundry

  • Repairs

4. Self-education expenses :

  • University fees 

  • Books

  • Printing and stationery

5. Home Office Expenses :

  • Timesheets, rosters, work logs or diary showing actual hours worked from home

  • Electricity based on actual usage 

  • Telephone

  • Internet

  • Printing and stationery

  • Computer accessories

  • Office furniture (descriptions, dates and purchase prices for furniture over $300)

  • Cleaning costs

6. Courses and seminars 

7. Professional membership, subscriptions, journals and/or magazines

8. Sun protection costs

9. Tools of trade (descriptions, dates, and purchase prices for tools over $300)

10. Interest and dividend deductions:

  • Account keeping fees

  • Ongoing management fees

  • Interest on borrowings to buy investments (e.g, shares, managed funds, cryptocurrency)

  • Subscriptions

11. Records of any donations made to eligible charities :

12. Tax agent fees :

13. Acknowledgment letters for personal superannuation contributions :

14. Income protection insurance :

Additional Documents

1. Documentation related to any overseas income

2. Health insurance details, including your private health insurance statement

3. Medicare Levy Exemption Certification (if applicable)

4. Any other relevant financial documents

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Self-Managed Super Fund Checklist

1. Prior year tax return

2. Prior year financial statements and associated reports 

3. Prior year auditor’s management letter 

4. Bank statements/transaction history for the period 1 July to 30 June for all bank accounts, term deposits, share trading accounts

5. Rollover Benefit Statements 

6. Documentation for any Purchases and Sales of assets (e.g. stock, shares, cryptocurrency and real estate)

7. Income from assets 

8. Share dividend statements

9. Managed fund distribution & taxation statements

10. Tax summaries for each cryptocurrency trading account

11. Details of any other income

12. Copy of the annual life insurance statement for each member insured

13. Rental income and expenses for the year including annual agent statements, copies of rental deductions, depreciation reports, loan statements.

14. Summary of market value of the assets at 30 June

15. Details of all expenses for the SMSF fund for the year including tax, audit, accounting, investment expenses etc

Business Checklist (including Companies and Trusts)

General:

1. Prior year tax return

2. Prior year financial statements and reports

3. Access to cloud-based software (if we are not yet a user, please invite for access – Please reach out if you have questions)

Deductions :

1. List of expenses paid outside of business

2. Bad debts written off during the year 

3. Lease documents for motor vehicles, premises, and equipment

Income :

1. Trading income

2. Value of closing stock at 30 June (where applicable)

3. Share dividend statement

Assets :

1. Details of loan accounts to directors, shareholders, beneficiaries and partners

2. Details of depreciable assets acquired during the income year, including type of asset, date of acquisition, acquisition price

3. Debtors at 30 June

4. Income from foreign sources, including details or foreign taxes paid

5. Details of depreciable assets disposed of during this income year, including type of asset, date of sale, consideration received

Liabilities :

1. Documents for each new loan that was taken out during the year and its purpose; including any new lease or hire purchase agreements

2. Business loan account statement

3. Provisions for long service and annual leave

4. Creditors at 30 June

Investment Property Checklist

1. Address of rental property

2. Legal ownership of the property

3. Date property became available for rent

4. Date property earnt first income

5. Annual rental summary

6. Income collected for the full year (if self-managed)

7. Advertising costs

8. Lease preparation fees

9. Property management fees

10. Interest for each loan account

11. Bank fees for each loan account

12. Borrowing costs (loan establishment fees)

13. Landlord and building insurances

14. Council rates

15. Water rates

16. Body corporate levies

17. Land tax

18. Legal costs

19. Pest control

20. Repairs and maintenance expenses not included in the real estate summary

21. Cleaning costs

22. Gardening and lawn mowing

23. Cost of assets replaced (date and price)

24. Quantity surveyor report

25. Cost of obtaining quantity surveyor report

Sole Trader Checklist

Income :

1. Total income received

2. Government grants, rebates or payments received

3. Value of closing stock at 30 June (where applicable) 

Expenses :

1. Accounting fees

2. ASIC costs

3. Hire of plant & equipment

4. Insurances

5. Legal fees

6. Materials and supplies

7. Meeting costs

8. Motor vehicle expenses

9. Office expenses:

  • Logs or diary showing actual hours worked from home

  • Electricity usage based on each equipment

  • Computer equipment and accessories

10. Printing and stationery

11. Professional development (courses, seminars, training)

12. Postage

13. Rent

14. Subcontractors

15. Subscriptions

16. Telephone & internet (costs per month and business-related usages)

17. Travel and accommodation

18. Copies of Income Statements for employees

19. Details of superannuation contributions paid for employees

By using this checklist as a guide, you can streamline the process of preparing your tax documents for the 2024 financial year. Remember that keeping accurate and organized records is essential to maximizing your deductions and ensuring compliance with Australian tax laws.

 

If you have any questions or need assistance with your tax return, please don't hesitate to contact us. Our expert team at Tax ProActive is here to help you navigate your tax obligations and achieve the best possible financial outcomes.

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