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Tax Return Checklist

Tax Return Checklist

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2018 - Individual Tax Returns


  • Gross salary, wages, allowances, benefits, earnings, tips, Directors Fees and Insurance for lost wages.
  • Income from business activities.
  • PAYG Payment Summaries.
  • Details of any non-cash benefits received including discount(s) on employee shares or rights.
  • Lump sum and termination payments. All documentation should be provided including an ETP Payment Summary from the employer or fund.
  • Government Social Security payments, including pensions, unemployment and sickness benefits.
  • Details of any CGT asset sales (e.g. shares, business and real estate). Please include dates of, and costs associated with, acquisition and disposal (You can save tax if you qualify for the variety of CGT  concessions).
  • Annuities, including allocated pensions or superannuation income streams.
  • Income from trusts and partnerships. Statements of distribution should be provided where appropriate.
  • Rental income.
  • Interest and dividends received from any source including life insurance or friendly society bonuses and any tax deducted. Include details of franked dividends (i.e. imputation credits).
  • Foreign source (employment and pension) income and details of any foreign tax credits, assets or property.


  • Investment and property expenses (carefully detail interest and repair claims), supply statements.
  • Work-related subscriptions or memberships (not including sporting or social clubs).
  • Employment related expenditure such as self-education, protective clothing, tools, union fees, uniform and laundry expenses.
  • Motor vehicle expenses, car finance lease statements (include petrol, repairs, parking and maintain a Motor Vehicle Log Book where necessary).
  • Donations of $2 and over.
  • Income Protection Insurance Premiums.
  • For Self-Employed persons, details of any Superannuation Contributions made.
  • Home office expenses where employment requires use of your computer, phone or other device.
  • Tax Agent Fees and other accounting/tax audit fees.
  • Special deductions (Australian films, investment shelters and agribusiness-type schemes).
  • Unrecouped prior year losses.

New Clients

  • Last year’s Notice of Assessment and Tax Return (if available)


  • Private health insurance annual statement.
  • Details of superannuation contributions where no tax deduction can be claimed.
  • Any changes in dependants, children’s details, DOB and any Centrelink benefits applicable(income of spouse should also be provided).
  • Details of any income received in a lump sum which was accrued in earlier income years (e.g. assessable pensions).
  • Details of any remote work performed for 183 days or more.
  • Note: The net family medical expenses tax offset is being phased out and for 2017/18 is restricted to net eligible expenses for disability aids, attendant care or aged care and will cease 30th June 2019 altogether.
  • HECS-HELP Debt details

2018 - Companies, Partnerships, Trusts and Other Businesses


  • Trading Income.
  • Other Income (e.g. Rent, Interest, Royalties).
  • Stock on Hand at June 30, 2018 (and basis of valuation) – note any obsolete stock.
  • Work-in-Progress at June 30, 2018
  • Primary Producer subsidies (if assessable).
  • Details of CGT assets (e.g. shares and real estate) sold, including dates of, and costs associated with acquisition and disposal.
  • Dividends, including details of franking credits.
  • Income from foreign sources including details of any foreign taxes paid.


  • Repairs and maintenance.
  • Salaries, including fringe benefits.
  • Fringe benefits tax paid.
  • Rates, land taxes and insurance premiums.
  • Advertising expenses.
  • Interest on borrowed monies.
  • Deductions relating to foreign-source income.
  • Prepaid expenses (subject to transitional rules).
  • Retirement payments and golden handshakes.
  • Bad debts actually written off during the year.
  • Donations of $2 and over depending on the recipient.
  • Commissions.
  • Legal expenses.
  • Lease or Chattel Mortgage payments on motor vehicles and equipment.
  • Losses of previous years (or intra-group transfers).
  • Superannuation contributions.
  • Subscriptions.
  • Car expenses (remember to include petrol, repairs and parking and maintain a log book where necessary).
  • Tax agent’s fees and other accounting and tax audit fees.
  • Royalties paid.
  • Details of the destination and purpose of any interstate or overseas trip. Expenses must be fully documented where travel involves at least one night away from home. Travel diaries should be included where travel exceeds five nights.
  • Research and development expenditure.
  • Bank fees (where the credit or deposit represents assessable income).


  • New loans taken out during the year and their purpose, including any new lease or chattel mortgage agreements on vehicles, equipment or machinery.
  • Statements from the lending authority detailing the opening and closing balances of existing loans during the financial year.
  • Provisions for long service and annual leave.
  • Creditors at June 30, 2018.
  • Details of loan accounts to directors, shareholders, beneficiaries and partners.
  • Accrued expenses (e.g. audit fees, interest payments).
  • Commercial debts forgiven.


  • Details of depreciable assets acquired and/or disposed of during this income year, including:
    • type of asset;
    • date of acquisition;
    • consideration received/paid.
  • Lease commitments.
  • Debtors at June 30, 2018.
  • Commercial debts forgiven.

Additional Information Required

  • Franking account details/movements.
  • Overseas transactions, exchange gains/losses.
  • Private companies – remuneration or loans to directors, shareholders and their relatives.
  • Changes to the capital of the company.
  • Whether family trust elections have been made in relation to trusts.
Note: To ensure that you obtain the maximum deductions to which you are entitled and in consideration of the penalty provisions, FULL DETAILS of any claim should be provided and supporting documentation made available. For employee taxpayers and for travel and motor vehicle claims by self-employed taxpayers, documentation must be a receipt, tax invoice or similar document which contains certain details. For other taxpayers, documentation may comprise receipts, dockets, diary notations or reasonable and supporting estimates.

8 Most Common Errors in Income Tax Returns

  1. Omitting Interest Income
  2. Incorrect or Omitted Dividend
    Imputation Credits
  3. Capital Gains/Losses are Incorrect or Omitted
  4. Understating Income
  5. Home Office Expenses
  6. Depreciation on Rental Property Fixtures and Fittings
  7. Depreciation on Income Producing Buildings
  8. Borrowing Costs associated with Negative Gearing

IMPORTANT DISCLAIMER: This document contains general advice only and is prepared without taking into account your particular objectives, financial circumstances and needs.  The information provided is not a substitute for legal, tax and financial product advice.  Before making any decision based on this information, you should speak to a licensed financial advisor who should assess its relevance to your individual circumstances.  While the firm believes the information is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk.  The information provided in this bulletin is not considered financial product advice for the purposes of the Corporations Act 2001.