2017 Tax Return Checklist
Your tax return appointment does not need to be a daunting experience - far from it! Just think there may be a nice big refund at the end of it for you - note we did say maybe, as this will depend on how much tax you have paid and how many expenses you can claim.
The following is the ULTIMATE tax return checklist for you, it is long - but we have done all the hard work for you.
To ensure a hassle free appointment, please bring the following information with you:
A copy of last year’s tax return
Bank account details where you would like the refund to be paid to
Income – see breakdown below
Deductions – see breakdown below
Spouse details (married or defacto) – Full name, Date of birth and Taxable income for the year
Number of dependant children
Amount of child support you have paid in the year
Salary or Wages
Please provide a copy of your PAYG payment summaries and if applicable any paid parental leave payments.
Allowances, earnings, tips, director’s fees etc.
This is usually located on your payment summary. Please be aware that receipt of an allowance does not automatically entitle an employee to a deduction for expenditure to which the allowance relates (e.g. tool allowance).
Employer lump sum payments
These payments are in respect of unused annual and long service leave paid out on termination of employment. Label A and B of the client’s PAYG payment summary should contain the relevant information. Also, obtain and attach a copy of a statement of termination from the client’s employer.
Employment termination payments (ETPs)
Please provide a copy of any ETP payment summaries and employer termination statements.
Australian Government allowances and payments like Newstart, youth allowance and Austudy payment
Provide details of all youth allowances, Newstart, sickness allowance or special benefit, or other educational or training allowances. (Please Note: paper copies are no longer sent by Centrelink and will need to be obtained via my.gov)
Australian Government pensions and other allowances
(Please Note: paper copies are no longer sent by Centrelink and will need to be obtained via my.gov)
Australian annuities and superannuation income streams
Provide details of taxable and rebatable components of pension.
Australian superannuation lump sum payments
Superannuation lump sums paid from a taxed source to a person aged 60 or over are tax free. Lump sums paid to persons under 60 are still taxable. Please provide details of these.
Attributed personal services income
Please provide a copy of all payment summaries – personal services attributed income and details of any other personal services attributed to the taxpayer.
Interest that has been received or credited in the 2017 Financial Year, from your Bank or Financial Provider
Unfranked, partly franked and fully franked dividends are assessable for taxation purposes. Please provide copies of your dividend statements.
Employee share schemes (ESS)
Please provide details of any Employee Share Schemes.
Please note the discount given on the ‘ESS interest’ (being a share or a right to acquire a share) under the ESS is assessable for taxation purposes unless the deferral concession applies. This assessable discount may be reduced by $1,000 where certain conditions apply.
Partnerships and Trusts
Please provide details of the partnership, trust or a managed investment trust fund payment and type of income received are required. In the case of a Partnership and Trading Trust please provide a copy of the tax return. In the case of Managed Trusts, please provide the tax summary from your Shares portfolio provider or Broker
In the case of any possible Capital Gains you will need to provide:
a description of the asset
the purchase date
the purchase cost
date and amount of any expenditure incurred by the taxpayer that forms part of the asset’s cost base including eligible incidental costs
the sale date (or exchange of contract date if earlier)
the sale proceeds amount.
Foreign source income and foreign assets or property
Provide details of country, amount received, exchange rate utilised, foreign tax withheld.
Provide details of:
rental income earned
interest charged on money borrowed for the rental property
details of other expenses relating to the rental property
details of any capital works expenditure to the rental property.
Please provide details of any of the following that has been received during the year including:
a non-qualifying component of an ETP
lump sum payments in arrears
foreign exchange gains
certain scholarships, bursaries, grants
any assessable balancing adjustments on depreciating assets
jury duty service fees
Work related car expenses
As of the 2016 year (last year) there are now only 2 methods available
1. Cents per kilometre method
This claim is based on a set rate for each business kilometre travelled which is 66c. The taxpayer is able to claim costs by applying the set rate up to a maximum of 5,000 kilometres, without a logbook. Please note you will still need to justify that these kilometres have actually been travelled
2. Logbook method
This claim is based on the business use percentage of car expenses. Ensure log is kept for 12 consecutive weeks and business use percentage did not vary more than 10%. The resulting business use percentage may then be applied to all car expenses to calculate a deductible amount. The log book must be renewed every 5 years
Work related travel expenses
Generally requires you to sleep away from home. Expenses include meals, accommodation, car hire and incidentals (such as tolls, parking and hire of third party vehicles).
Must provide documentary evidence as well as diary evidence.
Work related uniform, occupation specific or protective clothing, laundry and dry cleaning expenses
protective clothing and safety footwear: clothing or footwear that is specifically designed to protect or
compulsory uniforms: non-conventional clothing that the employee is compelled to wear or
occupation specific: clothing that identifies a person as a member of a specific profession, trade, vocation, occupation or calling.
Please note: Substantiation not necessary for reasonable claims up to $150 in respect of laundry
Work related self-education expenses
Examples include student union fees, books, stationery, consumables, travel and depreciation.
Other work related expenses
Examples include union fees, seminars, overtime meals, home office, telephone, subscriptions, briefcase or ladies bag that is used to carry a laptop), calculator, electronic organiser, depreciation on assets costing > $300 and write off of assets not exceeding $300.
Gifts or donations
These are required to be paid to an endorsed deductible gift recipients and that the client did not receive any tangible benefit from making the donation eg lotteries or tickets to win a prize
Cost of managing tax affairs
Please note: this also includes any General Interest Charged by the ATO on a tax debt and travel to and from your tax agent.
Personal superannuation contributions
Strict rules apply to when an employee can claim a tax deduction. A self-employed taxpayer may be able to claim all their contributions to a complying superannuation fund as fully tax deductible up to age 75, provided no more than 10% of their assessable income, reportable fringe benefits and reportable employer superannuation contributions is attributable to their employment as an employee. Please ensure that your superannuation fund provides acknowledgement of the claim for the deduction
For example accident and sickness insurance premiums (income protection)
For any queries on the above or to book in your 2017
Tax Appointment, please call our office on 07 5502 6673