2018FY Income Tax Preparation List

How time flies! 2018FY is almost gone .Your 2018 tax return is for income that you earn between 1 July 2017 and 30 June 2018. The 2018 tax return will be ready for ATO lodgement starting on 1 July 2018 and it is due on 31 Oct 2018 and if you are with a tax agent, you may have an extension due date. For income you earned before 1 July 2017, you should do a 2017 tax return. Please find 2018FY income tax preparation list as below:

INCOME

• PAYG Summaries and any ETP (Employee termination payment) statements

• Summaries/Payment Advices for overseas employment income

• Bank interest received – your BSB and account number will be required

• Dividends received – together with imputation credit details

• Distributions – Annual tax statements will be required

• Rental income – Annual statement from property manager if received

• Any other income – Foreign salary & wages, overseas pensions etc.

• ABN Income & Expenses

DEDUCTIONS

• Work related expenses, for example:

• Motor Vehicle log book (need to be updated every 5 years – odometer readings should be taken EVERY year)

• Motor Vehicle expenses (petrol, registration, insurance, repairs and servicing)

• New Vehicle purchase – car purchase contract and finance documents

• Motor Vehicle listing of business/work klms travelled if claiming on a ‘cents per km’ basis

• Safety boots & protective clothing

• Work clothes that have a logo

• Union Fees

• Tools of Trade

• Other work related expenses such as internet bills, mobile fees and digital gadget costs

• -Travel expenses (including domestic or international travelling expenses)

• Any other ABN related expenses such as commission payments ,telephone bills, internet fees and gifts.

• Receipts for donations

Note :Tax agent fees and tax audit insurance are also tax deductible.

INVESTMENT PROPERTY RELATED

• investment property settlement statement

• Council Rates and Water Rates

• Repairs – please provide invoices and receipts

• Loan Interest - loan statements will be required

• Body Corporate fees(Strata fees)

• If rented through an agent - annual agent statement

• Depreciation report

PLEASE NOTE TRAVEL COST CAN NO LONGER CLAIM AS DEDUCTIONS FROM 2018FY.

OTHER

Private Health Insurance Statement 1 July 2017 to 30 June 2018 is required to avoid being assessed the Medicare levy surcharge.

Tax Agent Fees Paid from Refund – For the 2018 tax return, we will require your BSB and Account number at the time of preparation.

Have a great year ahead!

If you want to make an appointment to get your tax sorted, please call us on 02 7902 0768 or email info@ljaccounting.com.au.