Hints & Tips

Tax Time Tips!

Now that 30 June has just rolled by, it’s time to organise your tax documents.
To help you along we’ve made a list to keep you organised.

  • PAYG Payment Summaries
  • Dividend statements
  • Bank/term deposit statements detailing any interest income
  • Details of any distributions from partnerships or trusts
  • Rental Property Information
    • Agents rental summary statement
    • Loan statements detailing total interest paid for the year
    • Details of expenses relating to the property
    • Contract & settlement statement (If property sold during the year)
  • Buy/Sell statements of any shares bought or sold during the year.
  • Receipts, invoices
  • Motor Vehicle log book, if used for income producing purposes. Don’t forget to make note of your odometer reading at 30 June.
  • Travel receipts
  • Receipts detailing work related uniform, laundry, or dry cleaning expenses
  • Receipts detailing any work related self education expenses
  • Receipts from donations
  • Receipts detailing the cost of managing last year’s tax affairs
  • Details and receipts of any other work related expenses
  • Details of any income protection insurance premiums paid
  • Private health insurance summary statement
  • Details of your net out of pocket medical expenses
  • HELP statement

Businesses also need to remember…..

  • 30 June stocktake
  • PAYG Payment summaries should be issued to employees and information sent to the ATO by the 14th of August.
  • If computerised, reconcile bank accounts to 30 June and take a backup