© MEDIQ Financial Services - a Corporate Authorised Representative of Synchron AFS Licence No. 243313 for Investment, SMSF and Risk Insurance advice.
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.