WHAT YOU WILL NEED:
WHAT YOU WILL NEED TO HAVE AVAILABLE FOR ONLINE TAX
Things will go much quicker if have these documents available (those that are applicable to you).
We suggest that you print this page as a reference before you get started.
1. PAYG Payment Summaries / Group Certificates
2. Social security pensions, allowance documents / statements
3. Sole parent / spouse / housekeeper / low income / aged persons rebate
4. Family assistance statement
5. Private health statement
6. Medical receipts over $2,000
7. Schedule of work related expenses
8. Interest & dividend details
9. Franked credits from dividend statements
10. Superannuation if self employed
11. Prior year tax losses
12. Previous years accounting / lodgement fee
13. Investment property expenses schedule
14. Interest / fees on borrowing for investment purposes
15. Sole trader business details
Note - If you wish to send ITP some documents, enclose them in a folder and then compress (ZIP) the folder. There is an ATTACH FILE feature at the beginning of the questionnaire.
Some expenses eligible for tax deductions - please read through this list
- Vehicle expenses – This includes petrol, cover, and any maintenance that you have done on the vehicle as it relates to your work.
- Travel costs – Many travel costs are eligible for tax deductions as long as the travel is related to your job. This includes accommodations, dining, and airline tickets.
- Education – If you go to a training seminar or take a class or even purchase a book to improve your business knowledge you can use the costs of that instruction as tax deductions.
- Clothing – When you invest in clothes specifically for work they may also be deductible as well as the laundry/cleaning.
- Tools or equipment – This can include any software or computer you purchase for work as well as actual tools.
- Insurance - Those who are self employed may have to buy their own insurance, a cost that is tax deductible.
- Depreciation – A lot of people miss this big deduction. Be sure to calculate the depreciation on any of your physical assets because it too can be deducted from your taxes.
- Sun protection – If you work outside or are doing a project that requires you to be outside regularly you can also count the cost of sunscreen, hats, and sunglasses as a work expense and therefore deduct them.
- Home office – Your home office expenses like phone lines and Internet connections can also be deducted as long as they are used exclusively for work.
- Charitable donations – If you make donations to any charity, like sponsoring a local team or donating to a good cause, in the name of your business you can deduct that donation from your taxes
- Tax losses – If you have previous years tax losses you can also deduct them from your current taxes.
- Publications that are purchased for work
- Management of your tax affairs by accountants or lawyers
- Non-employer sponsored super contributions
- Debt expenses obtained through a getting or maintaining a property loan
- Property project pool
- Deductions from property trust income
- Rental property expenses
- Australian Film industry investment
- Prepaid expenses
- Interest and dividend deductions
Your assisting ITP Tax Consultant has a more comprehensive list relating to your particular tax situation.
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ITP: The Income Tax Professionals
ITP has more than 250 offices throughout Australia and services almost 300,000 clients annually.