Tax Return Checklist 2015
Munro SPAUL has prepared a checklist to assist you in the compilation of information required when completing preparation of your Income Tax Return.
Bring these documents with you if you have them.
· PAYG summaries from employers.
· Centrelink, Austudy, Pension, Eligible Termination Payments.
· Income from business activities.
· Superannuation withdrawal documents.
· Bank Statements & Savings Books with interest entered for the tax year.
· Distribution statement from trusts, partnerships and managed investments.
· Dividend Slips (if any) and related deductions for the year ended 30 June 2015.
· Annuities including allocated pension.
· Foreign source income and details of any foreign tax credits.
· Details of asset sales (e.g. shares and real estate), for Capital Gains Tax calculation.
· Receipts for all work expenses and deductions. NOTE: WORK EXPENSES SHOULD BE COLLATED & TOTALLED FOR EACH RESPECTIVE WORK EXPENSE. Example
include union fees, subscriptions, tools for work, work-related phone calls/ internet use , protective clothing/corporate uniform, work related travel.
· Motor Vehicle log books for deductible work travel (provide motor vehicle receipts for cost of new vehicle, fuel, rego, insurance, service, lease payments).
· Receipts for donations (greater than $2).
· Expenses from Business activities.
· Receipts for self-education (work related).
· Income protection insurance premiums.
· Tax agent fees and other accounting/ tax audit fees.
Other information/ Offsets
· Last year's Tax Return & Assessment.
· BSB and Account number as all refunds will now be directly deposited into bank account.
· Receipts for medical expenses (net medical expenses above $2,218 may be eligible for a tax offset for the year ended 30 June 2015).
· The phase out of the offset will not apply for taxpayers with out-of-pocket medical expenses relating to disability aids, attendant care or aged care expenses which will be available
to 1 July 2019.
· The Net Medical Expenses Tax Offset is repealed from 1 July 2019.
The offset is to be phased out by way of two sets of transitional arrangements. For these purposes the existing medical expenses that may be claimed have been placed into
one of two categories:
· Category A: From the 2014-15 income years until the end of the 2018-2019 income years: Taxpayers can only claim the Net Medical Expenses Tax Offset for medical
expenses that both meet:
· the current definition and eligibility requirements, and
· relate to disability aids, attendant care or aged care.
· Category B: For the 2014-15 income year:
· Taxpayers will be eligible to claim the full range of medical expenses (as defined currently) but only if they have received an amount of the Net Medical Expenses
Tax Offset in both the 2012-2013 and 2013-2014 income years.
· There is no claim in this category for 2015-2016 and beyond
· Any changes in dependants including children's details, dates of birth and any Centrelink benefits applicable. The income of your spouse also needs to provided.
· Details of Medicare Levy reduction or exemption.
· Health Insurance Statement showing whether rebate claimed or claimable – rebate is now Income tested.
· HECS/HELP details (if any) Financial Supplement Loan (if any).
· FOR RENTAL PROPERTIES: Agent's statements & details of all expenses, interest, rates, levies, repairs, travel, etc.