2018FY Income Tax Preparation List
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:
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
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
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
PLEASE NOTE TRAVEL COST CAN NO LONGER CLAIM AS DEDUCTIONS FROM 2018FY.
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 email@example.com.