TAX REFUNDS – the Tax Office no longer issues refunds by cheque. Please ensure you provide your bank account details, including the BSB and Account Number with you to your appointment
Income received from the following sources is required to be included in your income tax return. If you have received income from any of the following sources, please summarise the information and bring supporting documentation to your appointment.
- Salaries or wages
- Lump sum payments
- Employment termination payments
- Australian Government allowances and payments eg Newstart, Youth Allowance and Austudy Australian Government pensions and allowances
- Australian annuities and superannuation income streams Australian Superannuation lump sum payments
- Gross interest received Dividends received
- Annual Tax Statements for Distributions from managed funds, etc.
- Capital gains from the sale of property, shares or other investments – Purchase & sale details Rent received
- Pensions or other income received from overseas Income from business
- Did you receive any Employee Shares from your Employer? If so, please bring in full details. Details of any other income you may think is taxable.
The following expense items may be tax deductions depending on your individual circumstances. If you have incurred any expenses in the following areas, please summarise receipts that you have kept to substantiate your claims. Generally it is recommended that receipts should be kept for a period of 5 years (please refer to http://www.ato.gov.au/individuals/content.aspx?doc=/content/30327.htm for further information in relation to various record-retention requirements that may apply).
- Work related car expenses (for travel other than home to work & work to home) – estimated kms travelled during the year
- Work related travel expenses – examples include train & taxi fares
- Work related uniform, occupation specific (cannot be conventional clothing) or protective clothing (must reduce risk of injury or death)
- Work related self-education expenses examples include student union fees, course fees (but not HECS/HELP), books, stationery, consumables and the like
- Other work-related expenses examples include union fees, seminars, subscriptions, tools, other expenses incurred by you to perform your work that have not been reimbursed by your employer
- Home Office expenses: number of hours per week working from home; pre COVID 19 and post COVID 19
- Interest and dividend deductions may include bank fees, interest paid on investment loans Gifts or donations
- Cost of managing tax affairs
- Other deductions example income protection insurance
- Expenses incurred in maintaining and earning income from your rental property Expenses relating to the income you may have generated from a business
- Private Health Insurance Annual Statement
- Income details for your spouse (may be relevant for certain tax offsets and Medicare levy issues)
End-of-year payment summary changes
The way most employers report tax and super information has changed. This means you will no longer receive an end-of year payment summary from your employer.
This is now called your income statement. Vanzwan Accounting Plus can download your income statement for you on request at any time. We can also view your income statement information when we complete your return and don’t require that you bring your income statement.