Tax Time Checklist For Employees

Tax Refunds Are Nice šŸ™‚

When tax time comes around you can feel swamped with aĀ heap of papersĀ to get together, andĀ then it is a matter of finding them.

This tax checklist will help specifically if you have introduced a new property to your personal portfolio or where you may haveĀ started studying again and using government benefits to supplement this ORĀ maybe you are simply looking for a helpfulĀ list of what you require.

Let’s get you started.

The information herein is for personal taxes and employees who are PAYG.

Your income and expenses:

If you have a spouse, you will need details of their income and expenses ā€“ and it may help to complete the income test questions to ensure any government benefits you are entitled to are correct.

Investments:

If you have shares, units, managed funds or other investments you will need access to:

  • Personally owned dividend payments and distributions from managed funds
  • Where there has been a disposal of shares, units and rental properties, any information relating to gains or losses
  • Details for ongoing payments to support your personal investments where income has been generated, such as financial planning fees

Please note reporting from providers such as investment funds can take a couple of months to reconcile with all vendors.

Rental properties:

If you own a rental property you will need details of:

  • rental income earned, such as a rental income reportĀ from your property management team
  • interest charged on money you borrowed for the rental property, this should be available on your bank statement related to the mortgage
  • other expenses relating to the property, including any expenditure on capital works. Receipts or a ledger via your property management team

Other information you will require:

  • Your tax file number
  • Medicare information
  • Private health insurance details
  • HELP/HECS debt

 

Happy tax time!

The information contained herein has beenĀ sourced from theĀ Australian Tax Office. We cannot provide personal taxation advice and recommend you speak to a professional tax agent for advice.Ā 

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