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Forward Focus Business News

Accountants And Business Advice Perth

2016/2017 Individual Tax Return – Checklist

Our team at Forward Focus want to make things easy for you. Below is a checklist you can use either when preparing your tax return yourself or compiling the information for your accountant. We don’t want you to miss out on any deductions.

Call us today on (08) 9474 6333 for more information!

Please review the information below and contact our office if you need assistance.

Your Checklist

·         Claims for deductions            

·         Receipts for deductions          

·         Car claims and log books       

Common claims made by individuals

The following outlines common types of deductible expenses claimed by individual taxpayers, such as employees and rental property owners, plus some strategies that can be adopted to increase deductions for the 2016/17 income year.

  1. Depreciable plant, etc, costing $300 or less

Salary and wage earners and rental property owners will generally be entitled to an immediate deduction if certain income-producing assets costing $300 or less are purchased before 1 July 2017.

Some purchases you may consider include:

  • books and trade journals;
  • briefcases/luggage or suitcases;
  • calculators, electronic organisers;
  • electronic tablets;
  • software;
  • stationery; and
  • tools of trade.
  1. Clothing expenses

Purchase or pay for work-related clothing expenses prior to the end of the income year, such as:

  • compulsory (or non-compulsory and registered) uniforms, and occupation specific and protective clothing;
  • other expenses associated with such work-related clothing, such as dry cleaning, laundry and repair expenses.
  1. Self education expenses

Consider prepaying the following self education items before the end of the income year:

  • course fees (but not HECS-HELP fees), student union fees, and tutorial fees;
  • interest on borrowings used to pay for any deductible self education expenses.

Also bring forward purchases of stationery and text books (i.e., those which are not required to be depreciated).

  1. Other work-related expenses

Employees can prepay any of the following expenses prior to 1 July 2017:

  • union fees;
  • subscriptions to trade, professional or business associations;
  • magazine and newspaper subscriptions;
  • seminars and conferences;
  • income protection insurance (excluding death and total/permanent disability).

Note: When prepaying any of the expenses above before 1 July 2017, ensure that any services being paid for are to be provided within a 12 month period that ends before 1 July 2018. Otherwise, the deductions must generally be claimed proportionately over the period of the prepayment.

Information Required

We will need you to bring information to assist us in preparing your income tax return.

Please check the following and bring along payment summaries, statements, accounts, receipts, etc., to help us prepare your return.

Income/Receipts:

  • payment summaries for salary and wages;
  • lump sum and termination payments;
  • government pensions and allowances;
  • other pensions and/or annuities;
  • allowances (e.g., entertainment, car, tools);
  • interest, rent and dividends;
  • distributions from partnerships or trusts;
  • details of any assets sold that were either used for income earning purposes or which may be caught by capital gains tax (CGT).

Expenses/Deductions (in addition to those mentioned above):

  1. award transport allowance claims;
  2. bank and government charges on deposits of income, and deductible expenditure;
  3. bridge/road tolls (travelling on business);
  4. car parking (when travelling on business);
  5. conventions, conferences and seminars;
  6. depreciation of library, tools, business equipment (incl. portion of home computer);
  7. gifts or donations;
  8. home office running expenses:
    – cleaning
    – cooling and heating
    – depreciation of office furniture
    – lighting
    -telephone and internet
  9. interest and dividend deductions:
    – account keeping fees
    – ongoing management fees
    – interest on borrowings to acquire shares
    – advice relating to changing investments (but not setting them up);
  10. interest on loans to purchase equipment or income-earning investments
  11. motor vehicle expenses (business/work related)
  12. overtime meal allowances
  13. rental property expenses – including:
    – advertising expenses
    – council/water rates
    – insurance
    – interest
    – land tax
    – legal expenses/management fees
    – genuine repairs and maintenance
    – telephone expenses
    – travelling to inspect property
  14. superannuation contributions by sole traders or substantially unsupported taxpayers
  15. sun protection items
  16. tax agent fees
  17. telephone expenses (business)
  18. tools of trade.

We hope this helps! Stay tuned, over the next few days, we’ll be posting the 2016/2017 BUSINESS CHECKLIST. Its bound to come in hand if your a small business start up trying to tackle tax time. If you have any further queries in regards to your tax return, call us now  on (08) 9474 6333 to book your appointment with one of our friendly accountants!

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