Getting Ready for Your Tax Return Appointment

Accountants have a lot of information to get through in a short period of time. Below is some important information on what to provide your accountant to help your tax return appointment with them run smoothly:

Income you must declare

Income can come from various sources. For a list of what income must be declared on your individual tax return visit the ATO website at: https://www.ato.gov.au/Individuals/Income-and-deductions/Income-you-must-declare/

It also contains information on what amounts do not need to be declared.

Information for Income and deductions for businesses can be found here: https://www.ato.gov.au/Business/Income-and-deductions-for-business/

A summary of deductions/receipts

You do not need to bring in all your physical receipts for your appointment. As long as they are in a filing system at home that you can produce if required, you do not have to submit the receipts at your tax appointment.

As part of your deductions you will need to provide your accountant (if applicable):

• A summary of the percentage your phone was used for work purposes
• A total cost for further education you completed related to your job role. (Only out-of-pocket cost, not including any courses paid for by your company)
• A summary of kilometres traveled for work (not including travelling from home to your workplace and return)
• A summary of donations.
• The number of overtime shift allowances paid.
• A final payslip in case of allowances and other deductions.

Do you want an idea of what can and cannot be included in your deductions? Click here.

Rental schedule

In a case where there is a rental property to be declared on a tax return, you will need to provide the agents’ summary, rates notices, insurance premiums, mortgage interest paid, and repair costs summary.

Calculated bank interest

Bank interest is often not calculated by the banks until late, because of this, tax returns often need to be amended as it is one of the first things the ATO check. Therefore, please wait until your calculated bank interest is available before making an appointment.