The end of the year is fast approaching - a hectic time for many. Most of us leave the organising and planning to the last minute. The deadline for filing the tax return is October 31st…But the sooner you get it done, the sooner you can pocket some money (if your expecting a refund). May and June are good months to get things in order and get ready for a visit to the tax agent…Here are some of my tips to make the process as smooth as possible (this is a very broad checklist and does not go too much into details for each item)

 


Shares And Managed Funds:


* Paperwork for all dividends received
* If you sold any shares during the financial year then keep all the records of the sale (received from the stockbroker)

* If you received any bonus shares then get that paperwork ready
* Annual tax summary for all your managed funds - you might get this from the fund manager only after June 30th-

Study Or Work Related: Get all the receipts for self-education and work related expenses - any courses, magazines, publications, seminars, overtime meals, uniforms, computers, software, union and association fees, car expenses, travel related expenses, home office expenses (if an area in your home is considered to be a place of business) plus anything else you can think of (anything that is work-related…eg flight attendants can claim re-hydrating moisturiser)

Health Insurance:


* The rebate claim paperwork that the private health insurer sends you - usually you get this after June 30
* Other health related receipts which may entitle you to a tax deduction if you are over a certain threshold

Other Deductions:


* Any receipts for money you donated for charities or fund raisers.
* Previous year’s tax agent’s fees
* If you had any losses from previous year then keep your previous year’s tax return handy
* If you contributed to your spouse’s super then get that paperwork ready

Child Care Receipts:


If you have kids in child care then get all the receipts ready for all the huge child care expenses.

Property:


Get all the paperwork ready for the rent received from your investment properties, mortgage paid and expenses on repair and maintenance of the property.

All Payments:


* Pay as you go (PAYG) statements from your employer
* Any payments or pensions you would have received from Centrelink

This whole process can be much easier if you maintain a separate box file for each of the above items and file the documents in the respective ones as they come in (after paying the bills ofcoourse)…For properties have a separate box folder for each of the properties.

Let me know if I have missed anything in the checklist….

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