2018 Tax-Time Checklist

You may have read the news articles or have seen the social media posts from the Australian Tax Office. Your 2018 Tax Return will be under more scrutiny than any year ever before.

The following is the COMPLETE tax return checklist. We know it is long - but we have done all the hard work for you. It includes the income that you need to include and the deductions you can claim.

To ensure you are prepared for your appointment we will need the following information:

* For our Gold Coast in office appointments please bring the following information with you, and

* For our online Australia-Wide appointments make sure that you have the following information available upon our request

  1. A copy of last year’s tax return

  2. Bank account details where you would like the refund to be paid to

  3. Photo Identification

  4. Income – see breakdown below

  5. Deductions – see breakdown below

  6. Spouse details (married or defacto) – Full name, Date of birth and Taxable income for the year

  7. Number of dependant children

  8. Amount of child support you have paid in the year

Lets break down Income and Deductions....

Income Includes

  • 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.

  • Gross interest

Interest that has been received or credited in the 2017 Financial Year, from your Bank or Financial Provider

  • Dividends

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

  • Capital Gains

In the case of any possible Capital Gains you will need to provide:

  1. a description of the asset

  2. the purchase date

  3. the purchase cost

  4. date and amount of any expenditure incurred by the taxpayer that forms part of the asset’s cost base including eligible incidental costs

  5. the sale date (or exchange of contract date if earlier)

  6. the sale proceeds amount.

  • Foreign source income and foreign assets or property

Provide details of country, amount received, exchange rate utilised, foreign tax withheld.

  • Rental Income

Provide details of:

  1. rental income earned

  2. interest charged on money borrowed for the rental property

  3. details of other expenses relating to the rental property

  4. details of any capital works expenditure to the rental property.

Other income

Please provide details of any of the following that has been received during the year including:

  1. a non-qualifying component of an ETP

  2. lump sum payments in arrears