© MEDIQ Financial Services - a Corporate Authorised Representative of MEDIQ Wealth Services Pty Ltd AFSL 529906 for Investment, SMSF and Risk Insurance Advice.
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December 16th, 2011
Preparing for your 2011 tax return can be confusing and time consuming. The following is a list of questions that will help you understand what you information you need to complete this process. You never know you may be due a refund.
If you answer ‘Yes’ to any of the following you will need to include some information in your return. The list provided is your guide to what you need to find.
|What we need:|
|Salary & Wages Employment from the single or numerous employers||– Payment Summaries (Group Certificates)|
|Employment termination payments ETP’s RedundanciesHighly unlikely scenario||– ETP Summary|
|Interest Income||– All bank accounts are relevant.- Bank statements or yearly summary of transactions|
|Dividend income||– All shares are relevant- Dividend statements|
|Trust Income||– Trust distributions from investments or family owned assets|
|Private Practice Income||– A list of Income and Expenses from your private practice business.- Income information can come from your billing company- Expenses from your trading account can be listed and from any original invoices.|
|Capital Gains Sale of any income producing assets such as shares or property||– Details of the purchase date and cost- Details of the sale date and sale price|
|Foreign Income As Australian Taxation residents all income from overseas could be assessable here in AustraliaThis includes investment income or rental income from assets outside of Australia.||– Details of any income from any sources outside of Australia.|
|Rental Income||– Details of rental income and expenses in relation to an investment property.|
|Other Income||– Any type of income not mentioned above needs to be assessed.|
|What we need:|
|Car ExpensesTravelling in your car from home to work is not deductibleTravelling in your car from work site to work site is.||– A reasonable estimate of kilometres travelled in the year for work purposes.|
|Travel Expenses Travel expenses such as flights and accommodation is deductible if the purpose of the travel was for work.||– Receipts and details of the expenses incurred for the travel.- Details of the purpose of the trip|
|Protective Clothing||– Receipts and details of the expenses incurred for any protective clothing|
|Self Education Expenses||– Receipts and details of the expenses incurred for any further education that relates to the current employment.|
|Work related expenses Any expense incurred in relation to your income including; professional memberships, subscriptions, equipment, etc.||– Receipts and details of the expenses incurred for any work related expenses.|
|Gifts and Donations||– Receipts and details of the expenses incurred for donations|
|Cost of managing tax affairs||– Receipts and details of the expenses incurred from your previous accountant or tax agent for previous years tax return preparation.|
|Other Deductions This includes any expenditure not mentioned above that relates to your work.Income protection insurances||– Receipts and details of the expenses incurred.|
When gathering information the general rule for tax return preparation is if in doubt, keep the receipt. Giving the staff at MEDIQ absolutely everything that allows a full assessment of your tax affair and ensures you maximise your refund.
Contact us on 1300 589 527 as soon a possible so we can determine whether you are due a refund.