Tax Return Requirements for Individuals

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Income:

  • PAYG Summaries (old Group Certificates) – for all employers, pensions etc (including Centrelink).
  • ETP PAYG Summary – if any superannuation cashed during year.
  • Investment income including:
    • interest received from bank accounts, credit unions, building societies etc
    • share dividends – usually 2 per year (whether taken as cash or dividend re-investment)
    • managed funds – need Annual Tax Statement
    • distributions – from partnerships and trusts
    • Capital Gains – if any income-producing assets (e.g property/shares etc) are sold
    • Rental income – derived from renting out a property (including any deductions)
  • Foreign Income – interest, dividends, pension or other income

Deductions:

  • Motor vehicle details and record of kilometres travelled, if private motor vehicle is used for work,
    other than driving to and from employment.
  • Work related travel expenses – if required to travel overnight for work
  • Uniform or corporate wardrobes – must have logo and be compulsory to claim
  • Approved protective clothing purchases
  • Self education expenses (must be directly connected to your current employment.)
  • Any expenses incurred for sun-protection, or other work related purchases
  • Childrens’ education costs (computer, software etc, internet, textbooks, stationery and trade tools)
  • Any expenses incurred in obtaining investment income
  • Donations/gifts to registered charities (also political party membership and donations)
  • Tax agents fees from previous year

HECS / HELP / SFSS:

  • Higher Education Loan Program (HELP OR HECS) statements
  • Student Financial Supplement Scheme (SFSS) statements

Tax Offsets:
(Require spouse’s taxable income for Family Benefits)

  • Zone rebate
    • dates and locations of all remote areas visited
    • Dependent children/s dates of birth, taxable incomes, and school attended
  • Medical expenses
    • if receipts after re-imbursement by private insurance exceed $1500
    • may claim Doctors, Dentists, Optical, Pharmaceutical etc.

Private Hospital Insurance Offset:

  • need letter from health fund (mailed out in July)

Refund Options:

  • If refund is to be banked (quickest method) need full BSB and bank account number