10781 New England Highway Highfields QLD 4352 | Ph: 07 4642 1530

Getting prepared for your Individual Tax Return

by Alex in Blog

The boy scouts have the right idea when it comes to getting ready to lodge your 2017 Tax Return. Being prepared can make the process very quick and simple!

Ensuring that you have the basics, the details and the evidence when you drop in for your meeting with Alex Taylor means that we can process your tax return with minimal fuss and disruption.

Basic Checklist for Individuals;

  • Your Payment Summary from your employer/s
  • Your bank account details for refunds that may be applicable
  • Any Employment Termination Payment Summaries
  • Statements from your bank detailing interest generated on your accounts during the financial year. (These can be easily generated through Internet Banking.)
  • Income generated from ‘Sharing Economy’ programs such as Airtasker, AirBnB, Uber etc.
  • Statements from your Private Health Insurer
  • Details of overseas income (if any)
  • Details of Investment income, such as dividend statements
  • Income Protection Insurance policy receipts
  • Copies of receipts for deductible expenses, including;
    • Uniforms
    • Tools and equipment used for work purposes
    • Donations

Further information may be required for individuals with rental properties, managed funds, or those who have sold any investments (shares, managed funds, investment properties etc.)

Additional Checklist;

If you own a rental property you will need details of:

  • Investment property Rental Summaries from the managing real estate agent
  • Receipts from repairs and maintenance to rental properties
  • Depreciation reports for new properties
  • Bank Statements detailing interest charged on borrowings for investments

If you have shares, units, managed funds or other investments you will need details of:

  • Any investment gains or losses from the disposal of shares, units and rental properties.
  • Dividend Statements

Entire Tax is based in Highfields, QLD and services the greater Toowoomba region. For a no-fuss tax return, please call Entire Accounting and Tax on 07 4642 1530.

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