Whilst the amount of tax you pay will depend on your circumstances, it is always beneficial to review the circumstances and issues involved to ensure that you can obtain the maximum benefits. The best way to deal with the end of financial year blues is be organised and smart people get some serious tax planning.
Though at DSV Partners, we always find a way to prepare your accounts in a smart way but it is good for you to be organised, which would mean a cost-effective, timely and meaningful discussion with us.
Below is a general checklist of documents we may require:
- Copy of last year’s tax return (if you are coming to us for the first time)
- PAYG statement from your employers: Group certificates/PAYG payment summaries
- Year-end bank statement showing interest earned
- Private health insurance statement
- Rental income & expense details, including depreciation calculation
- Dividend statements
- Pension payment summaries
- Superannuation payment summaries
- Social Security payment summary i.e. Centrelink payment summaries
- Capital gain/loss (shares, property)
- Partnership income & expenses details
- Trust distribution tax statements
- Business income & expenses details
- Foreign income details
- Medicare levy exemption details
- Spouse income details
- Work related expenses including home office, phone & Internet, computer etc.
- Investment expenses including borrowing costs and fees
- Medical expense
- Work related travel expenses
- Motor vehicle expenses
- Dry-cleaning or laundry costs associated with protective clothing/uniforms
- Union fees
- Higher education statement/other self-education cost.
- If you think there is something else you might be able to do to get ready for the end of financial year, please contact us to discuss your specific situation.
Ensure that you read our next article, which will be published in a week’s time, for tips to maximise your financial position.
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