Get your (financial) ducks in a row with this End-Of-Financial-Year checklist

Do you want your tax return experience to be quick and easy, with the maximum possible refund, this end-of-financial year? Of course! It's important to be prepared with as much essential information as possible. Here’s a handy checklist to ensure you’re ready with all the right details and documents to ace it at tax time. The Basics

• Tax file number
• Bank details (BSB and account number)

Income

• PAYG payment summaries (aka group certificate)
• Statements for:
  • Lump sum payments (e.g. termination of employment)
  • Interest earned as income from banks, credit unions and building societies
  • Dividends received or reinvested
  • Government and Centrelink payments (e.g. pensions and allowances)

Work-related Expenses Receipts for:

• Depreciable assets (e.g. laptop, telephone and tools of trade)
• Professional memberships and subscriptions (e.g. union fees, magazines and journals)
• Professional development and self-education (e.g. courses, seminars and books)
• Purchase and laundering of compulsory uniforms and protective clothing
• Home office set-up and running expenses (e.g. furniture, electricity and internet connection)
• Motor vehicle expenses for work-related travel

Offsets/Rebates

• Annual tax statement for Private Health Insurance Rebate
• Proof of medical expenses where the total exceeds $2,218 (after Medicare and private health fund rebates)
• Details of dependants, including age, occupation and income
• Details of superannuation contributions on spouse’s behalf
• HECS debt statement

Rental Property

• Date when property was purchased and, if applicable, with whom
• Loan statement(s) showing interest and fees paid on money borrowed
• Records detailing rental income
• Proof of expenses incurred (e.g. body corporate, council and water rates, insurance premiums and kilometres travelled to and from property)
• Details of capital works on the property
• Information relating to dates and costs associated with the disposal of the property (if applicable)

Other Deductions

• Receipts for donations of $2 and over to registered charities
• Proof of income protection insurance premiums
• Documents showing expenses incurred in earning interest and other investment income (e.g. financial adviser fees)
• Receipts for expenses incurred in managing tax affairs (e.g. tax agent’s fees)

Don’t forget that Moneysoft is also a useful tool to assist with your end of year tax preparation. When it comes to the end of the financial year, you can easily tag anything that is ‘tax-related’, then pull a report for these items within a matter of seconds when you need it!

Posted 8 years ago 2 Minute(s) to read