2017 Tax Checklist
As in previous years we are providing a list of items that you may find useful in order to complete your tax return:
- Annual Payment Summaries (formerly known as Group Certificates), Pension Statements, Centrelink Payment Summaries for pensions, youth allowance, newstart etc.;
- Termination payments – If you have received a Lump Sum Payment (long service leave, superannuation etc.) on termination of employment, please ensure that you obtain a copy from your employer;
- Interest Income from bank accounts such as term deposits / Dividends received for the financial year;
- Details of any other income received, for example rental income, casual wages, business income, trust/partnership distributions; income from subcontracting, foreign income
- Did you sell any shares/investments/ rental property during the year? We will need details of the purchase and sale price as well as cost of buying/selling for capital gains purposes
- Details of work related expenses, for example motor vehicle log book, uniforms or protective clothing, tools, education, reference books, stationery etc.;
- Union fees, Subscriptions to professional institutions;
- Donations, Gifts to registered charitable institutions or school building funds;
- Income Protection for the year;
- Private health insurance statements including membership number and rebate details;
- Did you pay any PAYG instalments during the year? Please provide total paid for the year.
- New to 2016/17:
- Income tax cuts – the 37% marginal tax rates starts at $87,000 not $80,000.
- For families receiving family assistance or youth allowance, your reportable fringe benefits amount will not be adjusted down for the purposes of calculating your adjusted taxable income, may reduce entitlements.
- Net Medical Expenses –Phase out- New regulations mean you can now only claim medical relating to disability aids, Attendant care or aged care will continue until 30/06/2019.
- Temporary budget repair levy – Continues this financial year. Only applicable to taxpayers with taxable income above $180,000.This is a 2% levy for every dollar above $180,000. Last year for the levy.
- Sharing economy – this applies to people making money from odd jobs such as transporting (uber) or renting rooms.
- For Small Business
- Instant asset write off – continued for business’ assets purchased up to $20,000 after 12th May 2015
- Small business tax offset – up to $1,000 off tax owing
For more information please contact us on (03) 9873 1000 or by email email@example.com
Image: “Business” by Petr Kratochvil