It’s tax time again, and over the next few weeks, we will be rolling out our guide to what you can and can’t claim in your Australian 2017 tax return, and tips to lodging your tax on time easy. In most cases, if you are a simple PAYG with very few deductions and you are tech savvy, you can lodge your own return.
Some basic documents you’ll need to complete your tax return.
1) Payment summaries – Details the income you have received from your employer, super fund or government payment like Centrelink and the Department of Veterans Affairs.
2) Bank statements – Details any interest you have earned during the period and fees you have paid.
3) Shares, unit trusts or managed funds statements – Details of dividends or distributions you’ve received. Dividends that you’ve elected to reinvest must be declared as income.
4) Buy and sell investment statements – To calculate capital gains and losses. If you bought or sold any shares you can access the details on your online brokering account or you can get them from your investment adviser or stockbroker.
5) Records from your investment property – If you use a property manager you will probably be given an annual tax statement that details income and expenses, otherwise, you will need to gather details of income received and expenses paid, including any capital gains or capital losses from the sale of your rental property.
6) Foreign income – Details of foreign pensions or other foreign income.
7) Private health insurance policy statement – Information needed to complete the private health insurance section of your tax return.
Email us at hello@youraccountingpartners.com.au or call 07 3668 0646 if you need assistance and support with your small business from start, scale thru to sale.
James Huy Vuong is a CPA and the owner of Your Accounting Partners. Partnering with businesses from start to scale thru to sale.
