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2018FY Income Tax Preparation List

June 27, 2018


How time flies! 2018FY is almost gone .Your 2018 tax return is for income that you earn between 1 July 2017 and 30 June 2018.

The 2018 tax return will be ready for ATO lodgement starting on 1 July 2018 and it is due on 31 Oct 2018 and if you are with a tax agent, you may have an extension due date.

For income you earned before 1 July 2017, you should do a 2017 tax return.

Please find  2018FY income tax preparation list as below:
 

 

INCOME                                                                             

  • PAYG Summaries and any ETP (Employee termination payment) statements

  • Summaries/Payment Advices for overseas employment income

  • Bank interest received – your BSB and account number will be required

  • Dividends received – together with imputation credit details

  • Distributions – Annual tax statements will be required

  • Rental income – Annual statement from property manager if received

  • Any other income – Foreign salary & wages, overseas pensions etc.

  • ABN Income & Expenses

 

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DEDUCTIONS

 

  • Work related expenses, for example:

  • Motor Vehicle log book (need to be updated every 5 years – odometer readings should be taken EVERY year)

  • Motor Vehicle expenses (petrol, registration, insurance, repairs and servicing)

  • New Vehicle purchase – car purchase contract and finance documents

  • Motor Vehicle listing of business/work klms travelled if claiming on a ‘cents per km’ basis

  • Safety boots & protective clothing

  • Work clothes that have a logo

  • Union Fees

  • Tools of Trade

  • Other work related expenses such as internet bills, mobile fees and digital gadget costs

  • -Travel expenses (including domestic or international travelling expenses)

  • Any other ABN related expenses such as commission payments ,telephone bills, internet fees and gifts.

  • Receipts for donations

Note :Tax agent fees and tax audit insurance are also tax deductible.

 

 

INVESTMENT PROPERTY RELATED

  • investment property settlement statement

  • Council Rates and Water Rates

  • Repairs – please provide invoices and receipts

  • Loan Interest - loan statements will be required

  • Body Corporate fees(Strata fees)

  • If rented through an agent - annual agent statement

  • Depreciation report

PLEASE NOTE TRAVEL COST CAN NO LONGER CLAIM AS DEDUCTIONS FROM 2018FY.

                     

OTHER

Private Health Insurance Statement 1 July 2017 to 30 June 2018 is required to avoid being assessed the Medicare levy surcharge.

Tax Agent Fees Paid from Refund – For the 2018 tax return, we will require your BSB and Account number at the time of preparation.

 

 

Have a great year ahead!

 

If you want to make an appointment to get your tax sorted, please call us on 02 7902 0768 or email info@ljaccounting.com.au.

 

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Australia

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