Items to consider when preparing your paperwork to complete your tax return.
Details of Income from all sources, this may include:
Payment Summaries from Employers, Details of Termination Payments or Other Lump Sums, Interest on Bank Accounts or Term Deposits, Dividends Received, or any Income received under an ABN. There may be income from capital gains or foreign income, superannuation payments or other types of income you have received that do not fit into any of the above categories. Any questions, please let us know how we can assist.
Details of expenses you have incurred in earning your income, some ideas are set out below but you may have other items to consider:
You may use your own motor vehicle for work related activities, and have kept a log book, or incurred other business travel expenses. Uniforms or protective clothing, or the use of personal items such as mobile phones, internet, home office, union fees that are directly related to employment income. While some of these items may be deductible consideration needs to be given to the business use, and the appropriate logs that have been kept. Any questions, please let us know how we can assist.
Other items to consider that may be deductible are donations to certain charities or donations to school building funds. Premiums paid for income protection insurance outside of superannuation may also be a possibility as a deduction.