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