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Welcome to our blog page. We will be posting current legislation changes and issues facing Australian Individuals, SMSF and Businesses, including Trusts, Partnerships and Company structures.
YEAR END TAX CHECKLIST 2015/16
The financial year ended 30 June 2016 has come and gone. Now it is time to start preparing for your compliance obligations. Below is a list of information for Individuals to help in preparation of their 2016 Income Tax Return by their Registered Tax Agent.
Income
PAYG payment summaries (eg from employers) Lump sum payments (eg employment termination payment) Partnership distribution statement, and a copy of partnership’s tax return Trust distribution statement, and a copy of trust’s tax return Documentation regarding foreign source income, foreign assets or property Bank statements stating interest earned, including for term deposits Dividend statements Employee share scheme statements Managed fund annual tax statement and capital gains tax statement Buy/sell contract notes for shares (if any shares were sold)
Work-related Deductions
Details of depreciable assets bought during the year (eg laptops) Details and receipts for home office expenses Professional journals/trade magazines Professional memberships/subscriptions Receipts for continuing professional development courses and seminars Receipts for self-education expenses Receipts for other work-related deductions such as protective clothing, uniform expenses, tools and equipment, and travelVehicle logbook for motor vehicle expenses (if using the logbook method)
Other Deductions
Receipts for donations of $2 and over to registered charities Expenditure incurred in managing tax affairs (eg tax agent’s fees) Expenditure incurred in earning interest, dividend and other investment income (eg investment advice fees) Income protection insurance premiums Rental Properties Date when property was purchased, including details of co-ownership if applicablePeriod property was rented out during the income year Records detailing rental income (annual statement from property agent, if engaging services of an agent)Loan statements for property showing interest paid for the income year Expenses incurred such as water charges, land tax and insurance premiums Details of depreciable assets bought or disposed of during the year Details of any capital works on the property If the property was disposed of during the income year, information relating to dates and costs associated with the disposal of the property
Offsets/Rebates
Details of any superannuation contributions for spouse Details of eligible medical expenses where the total exceeds $2,265 (after Medicare and private health fund rebates) for singles with a ATI less than $90,000 and ATI less than $180,000 for a couple or family (the couple / family threshold increases by $1,500 for each dependent child after the first). For ATI above the thresholds the eligible medical expenses total needs to exceed $5,343 Details of dependents, including their age, occupation and income Private health insurance statement (and details of prepaid premiums)
If Operating As a Sole Trader
Cashbook, which includes records of drawings taken before the business takings were bankedCopies of Business Activity Statements lodged Copies of PAYG summaries for employees Details of any government grants, rebates or payments received Details of superannuation contributions for employees Details of any assets purchased, including date of purchase and amount Payments of salaries and superannuation to associates Records from accounting software (eg trial balance, profit and loss (P&L) and balance sheet) Statements of all liabilities of the business Notice of superannuation contributions for self-employed persons
Other Information
Copies of Instalment Activity Statements lodged Any other information that you think is relevant
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