TAX TIME TIPS TIP 3: WHAT DOCUMENTS DO I NEED?


Depending on your tax affairs – whether you’re an employee, a business and/or investor – the documents you’ll need to keep to support the lodging of your tax return will vary.


Ensure you report all the income you’ve earned (from all sources, including overseas if you are considered an Australian tax resident) and substantiate any tax deductible expense claims. Note it’s a requirement to show proof you’ve actually paid for the tax deductible expense being claimed.


Below are some examples of the types of documents you’ll need to complete your tax returns or give your tax agent or accountant. These need to be kept and stored on file in the relevant tax year.


INCOME

  • PAYG Employment Payment Summary/s

  • Government PAYG Summary/s e.g. Centrelink

  • Pensions and/or government payments/allowances

  • Interest earned for the relevant tax year from your banks and other financial institutions, etc.

  • Dividend statements

  • Details of rental property income

  • Details of any business income

  • Details of any other income earned

EXPENSES

  • Work related expenses (e.g. uniforms, tools, equipment, education, etc.)

  • Motor vehicle expenses (e.g. fuel, rego, insurance, servicing; a logbook showing the work-related or business % to be claimed as an expense)

  • Travel expenses

  • Cost of managing tax affairs such as the tax agent or accountant’s fees

  • Donations

  • Investment expenses (e.g. bank fees, share broker fees, financial advisor fees, investment loans and borrowings, etc.)

  • Rental property expenses (e.g. council and water rates, body corporate fees, property management agent fees, interest on loans, repairs and maintenance, depreciation schedule, etc.)

GENERAL

  • Last year’s Tax Return

  • Records of sales and purchases of any shares, business or property

  • Private health insurance details

  • Spouse details

  • Any child support payments

  • Details of any government debts (e.g. HECS, HELP etc.)

It might feel challenging at first but once you’re into the swing of it you’ll really feel the benefits – not having to do the mad scramble at tax time being just one.


Below are links to the Australian Taxation Office website for further information about records you need to keep:


FOR INDIVIDUALS


https://www.ato.gov.au/Individuals/Income-and-deductions/Records-you-need-to-keep/


FOR SMALL BUSINESSES


https://www.ato.gov.au/General/Other-languages/In-detail/Information-in-other-languages/Record-keeping-for-small-businesses/

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Bcom, FTI, FNTAA, Registered Tax Agent, JP (Qual)
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