Year End Checklist

Year-End Checklist

Income

  1. Income Statements are required to be finalised by 14 July and will be accessible on MyGov once finalised.
  2. Eligible Termination Payment (ETP) statements.
  3. Commonwealth of Australia Government Allowances statements for payments like Newstart, Youth Allowance and Austudy payment statements.
  4. Pension or Annuity statements.
  5. Details of interest earned on bank accounts including joint accounts.
  6. Dividend statements for shares and if sold we need details of the purchase and sale.
  7. Documentation for sale of any other capital items.
  8. Details of any rents received and expenses incurred for Rental Properties.
  9. Details of any employee share schemes entered into.
  10. Details of any other income received.

Deductions

  1. Work-related car expenses including petrol, repairs, registration, insurance, tyres, parking, work kilometres travelled and logbooks.
  2. Work-related travel expenses.
  3. Work-related uniform, occupation-specific or protective clothing, laundry and dry cleaning.
  4. Work-related self-education expenses.
  5. Any other Work-related expenses (e.g. union fees, subscriptions, sun protection, etc.)
  6. Details of charitable gifts and donations made over $2. (Lottery & raffle tickets are not tax-deductible).

Rebates

  1. Non-employer sponsored superannuation contributions and those made on behalf of your spouse.
  2. HELP debt details.

Other

  1. Spouse’s taxable income including Centrelink Statements, date of birth and tax file number.
  2. Children’s names and dates of birth, especially newborns.
  3. Personal superannuation contributions
  4. Copies of Activity Statements, if you have prepared your own.
  5. Details of any child support payments or receipts.
  6. Private Health Statements

Common Errors in Income Tax Returns

Omitted or incorrect details of:

  1. Interest income
  2. Dividend imputation credits
  3. Capital gains or losses