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Articles
2006 - Companies, Partnerships, Trusts and Other Businesses Checklist
2006 - Individual Tax Returns Checklist
2006 - Individual Tax Returns Checklist
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Income
  • Gross salary, wages, allowances, benefits, earnings, tips and director's fees
  • Income from business activities
  • PAYG payment summary amounts
  • Any non-cash benefits received
  • Lump sum and termination payments (All documentation should be provided, including an ETP payment summary from the employer or fund)
  • Government social security payments, including pensions, unemployment and sickness benefits
  • Capital Gains from CGT asset sales (e.g. shares and real estate).  Information relating to dates of, and costs associated with, acquisition and disposal will be required to determine the capital gain (if any).
  • Annuities, including allocated pensions
  • Income from trusts and partnerships (Statements of distribution should be provided)
  • Rental income e.g. Summary from estate agent and period the property was available for rental
  • Interest and dividends (franked or unfranked) including any tax deducted.  Dividend distribution statement will be required to confirm the dividend received
  • All papers received regarding BHP shares buy back.
  • Foreign source (employment and pension) income and foreign tax paid.
  • Personal services income.  Individual contractors who operate through a company or trust can potentially be taxed personally on the income instead of income being taxed at the company or trust level

Deductions

  • Investment and property expenses.  Carefully detail interest claims
  • Professional subscriptions (not including sporting or social clubs)
  • Expenditure records related to a taxpayer's employment, such as work-related motor vehicles, self-education, protective clothing and uniform expenses
  • Donations of $2 and over, depending on the recipient
  • Superannuation contributions made by self-employed persons and those without employer superannuation support
  • Tax agent's fees and other accounting and tax audit fees associated with managing tax affairs
  • Special deductions (e.g. Australian films, investment shelters and forestry-type schemes)
  • Bank fees (where the credit or deposit represents assessable income)
  • Un-recouped prior year losses
  • Non-commercial losses from "micro" businesses.
  • Sickness and accident insurance premiums, provided the policy would produce assessable income

Rebates

  • Statement from health insurance provider will be required to determine entitlement to private health insurance rebate or exemption from Medicare levy surcharge.
  • Details of superannuation contributions where no tax deduction can be claimed (maximum rebate of $540 for $3,000 superannuation spouse contribution)
  • Details of any income received in a lump sum which was accrued in earlier income years (e.g. assessable pensions)
  • Details of medical expenses where the total exceeds $1,500.  Tax offset of 20% available - Are any costs of a cosmetic nature?
  • Superannuation co-contributions made by eligible employees.  Assessable income must be less than $58,000
  • Any changes in dependants.  Income of spouse will be required.
  • All taxpayers with a dependent child (under 21) or full time dependent student (under 25) should provide full names and dates of birth - Family Tax Benefit might be relevant.
  • Costs of child care since 1st July 2004 from an appropriate supplier

 

 

 

 

 

 



21st-June-2006