What do you need for tax time?

Tax time has well and truly landed, which raises the question: What information should I bring to my accountant?
Whether you are a business or individual, getting your tax information together can be a daunting task. We’ve put together a basic checklist for you to feel prepared and confident going into tax time.

Income Items

• ATO Income Statement

• Bank Interest earned.
• Dividend statements from any dividends you have received.
• Distribution statements from any managed funds you own shares or units in.
• Capital Gains Tax
  • If you have bought or sold any shares/property, please provide the price and date of sale.
  • For assets you have sold, we will also need to know when you acquired these and for how much.
  • Capital Gains Tax also applies to any cryptocurrency sold during the period. Your crypto wallet should enable you to download relevant reports for tax.
• Rental income and expense items
  • If you are providing a statement from your retail asset manager, don’t forget to include anything you have paid for privately, such as land tax, interest on the property’s mortgage or insurance.
• Business income and expense details

Deductions

• Motor Vehicle Deductions
  • If you are wanting to claim using the cents per km method, please advise us the amount of km’s you have travelled for business or work purposes.
  • Using the logbook method, you may be eligible to claim a portion of your expenses for fuel, car services, maintenance, interest on loans and registration. Consider what the business- or work-related use percentage of your vehicle may be.

• Laundry Costs
• Work Expenses
  • Home office expenses:
    • Please note that the ATO’s methodology for claiming work from home expenses has changed for the 2023 financial year. As such, we encourage you to get in touch with your accountant to learn more about what information we require.
  • Union fees
  • Professional registrations
  • Assets you have purchased for your home office (chairs, desks, laptops, screens, cables etc).
  • Other work-related expenses you have incurred.
• Donations made throughout the year.
• Personal Super Contributions

While the same or similar items apply for our business clients, additional documents you may wish to prepare include:

• Bank and Credit Card Statements
• Lease or Hire Purchase agreements.
• Closing stocktake on 30 June 2023.

If you’re using an accounting software like Xero or MYOB, it’s important to have all your transactions reconciled. Ensure all your transactions are entered into your accounting software regularly to minimise what can become an overwhelming end of year admin process.

If you have any questions or you’re not exactly sure what your accountant needs you to provide, please contact us at 8333 7300.