Can you believe it’s tax time again already?

As we aren’t holding in person tax return appointments this year, all information will be collected using our Tax from the Couch.
If you’d like to gather your information in a spreadsheet prior to starting this process, we have made a list of some things you may be able to deduct below.

A downloadable PDF of this checklist can be found here.

What information we should already have

  • Your Income Statements will come through to the ATO automatically (no need for group certificates!)
  • Private Health Insurance information
  • Accounting fees for the previous year (if it was us)
  • Bank interest
  • Spouse income (if you are linked as spouse already)

Income information we need from you

  • Lump sum and termination payments
  • Government Social Security payments (pensions, unemployment, maternity leave, sickness benefits)
  • Details of any CGT asset sales (shares and real estate)
  • Annuities, including allocated pensions or super income streams
  • Income from trusts and partnerships (statements of distribution should be provided where appropriate
  • Interest and dividends received and any tax deducted. (include franked dividends/imputation credits)
  • Foreign income and details of any foreign tax credits
  • Any business/contracting income earned

Deductions information we need from you

  • Expenses relating to working from home
  • Details of work related vehicle usage
  • Details of any overnight/interstate/overseas travel for work
  • Uniform or protective clothing purchase/maintenance
  • Self education expenses relating to your current work
  • Subscriptions/union fees relating to your employment
  • Tools of trade
  • Income Protection Insurance Premiums
  • Donations

What if I also have a rental property?

Please use our rental schedule to fill in this information:

  • Agents annual summary listing all rent received & deductions from rent
  • If self-leased, details of the weekly/monthly rent
  • Details of any refinancing undertaken throughout the year
  • Details of any re-draws made on the mortgage throughout the year
  • Advertising expenses for tenants
  • Body corporate/strata fees paid
  • Cleaning expenses
  • Council rates
  • Lawn & garden care expenses
  • Building/contents/landlord insurance expenses
  • Land tax paid
  • Legal costs paid
  • Pest control fees
  • Property (real estate) agents fees
  • Bank fees/charges
  • Repairs & maintenance on the property
  • Depreciation schedule for the property
  • Water rates
  • Sundry expenses