The secret to keeping your accountants' fees down is your record keeping. Some simple folders for income, expenses, private health cover, etc help.
Here's a Basic Checklist for Individual Tax Returns.
INCOME
- PAYG Summaries
- Pensions or government payments/allowances
- Interest earned from banks, building societies etc (these can usually be accessed by your accountant on the ATO Tax
- Portal( if your bank has uploaded their file)
- Dividend Statements
- Details of rental property income
- Details of any other business income
- Details of any income not covered above
EXPENSES
- Work related expenses eg uniform, tools, education, union fees, etc
- Motor vehicle expenses (logbook and expense items or estimation of kms if no log book used)
- Business related travel expenses
- Investment expenses eg bank fees, financial advisor fees, full bank statements for investment loans, etc
- Rental property expenses eg rates notices, body corp fees, agent fees, interest on loans, repairs and maintenance,
- travel, water rates updates depreciation schedule, etc
- Cost of managing tax affairs
- Charity donations.
ADDITIONAL INFORMATION
Last years tax return if you're new to the practice, private health insurance annual statement, spouse or de facto details, records from sale or purchase of property, shares or businesses. Details of dependents and Centrelink benefits.
