Checklist for Tax Agent

Below is the checklist with the information your tax gent will need you to bring to assist in preparing your income tax return.

Income/Receipts:

•     payment summaries or group certificates for salary and wages;
•     lump sum and termination payments;
•     government pensions and allowances;
•     other pensions and/or annuities;
•     allowances (e.g., entertainment, car, tools);
•     interest, rent and dividends;
•     partnerships or trusts distributions;
•     details of assets sold that were either used for income earning purposes or which may trigger capital gains tax (CGT).

Deductions (in addition to those mentioned above):

•     award transport allowance claims;
•     bank and government fees  for deposits of income, and deductible expenditure;
•     bridge/road tolls (travelling on business);
•     car parking (when travelling on business);
•     conventions, conferences and seminars;
•     depreciation of library, tools, business equipment (incl. portion of home computer);
•     gifts or donations;
•     home office running expenses:

1.         cleaning
2.         cooling and heating
3.         depreciation of office furniture
4.         lighting
5.         telephone and internet;

•   interest and dividend deductions:
  1.         account keeping fees
  2.         ongoing management fees
  3.         interest on borrowings to purchase shares
  4.         advice relating to changing investments (but not setting them up);
•     interest on loans for equipment purchase or income-earning investments;
•     motor vehicle expenses (business/work related);
•     overtime meal allowances;
•     rental property expenses – including:

1. 1.         advertising expenses
   2.         council/water rates
   3.         insurance
   4.         interest
   5.         land tax
   6.         legal expenses/management fees
   7.         genuine repairs and maintenance
   8.         telephone expenses
   9.         travelling to inspect property;

•     superannuation contribution by a sole trader or substantially unsupported taxpayers;
•               sun protection items;
•     tax agent fees;
•     telephone expenses (business);
•     tools of trade.

Call Tax Accountants Cranbourne at 1300 300 106 for further information.