Tax Return Checklist

PAYG Payment Summaries are now available to your accountant directly from the ATO, if you have a breakdown of any allowances including meal, travel, fares, site, uniform, laundry and tools, please provide.  Your statement of termination payment information must be included in your tax return.

Details of acquired or sold shares including the date and cost of purchase and sale. Please bring dividend statements to review franking credits received (includes employee share schemes).

Any accounts held with a bank or financial institution (including joint accounts) require details of the branch, account number, name of account holder and amount received for each account. If TFN withholding tax has been deducted, please provide the amount of tax deducted.

If you have disposed (sale or gift) of property, shares, investments, cryptocurrency, or non-fungible tokens (NFT’s) this financial year, you will need to calculate a capital gain or loss and record it in your return. Provide detailed information about acquisition costs and dates and disposal proceeds received. Contracts and settlement statements are ideal.

• All income and expenses in relation to rental properties including loan statements. Bring along your Quantity Surveryor’s depreciation report, if you don’t have this please contact our office.
• Any loan redraws, on investment property loans, must be related to the investment property in order to claim the full amount of interest. Private redraws will reduce the percentage of interest that can be claimed.

THIS IS A FOCUS AREA IN 2023 AND THE ATO MAY DATA MATCH INTEREST ON INVESTMENT LOANS TO AMOUNTS CLAIMED IN TAX RETURNS.

• Capital works need to be depreciated and not claimed as repairs.

Holiday homes are under close scrutiny for ‘blackout’ periods to determine if they are genuinely available for rent. When you rent out all or part of your residential home or unit through a digital platform, for example Airbnb, Home Away or Flipkey you need to keep records of all income and expenses and declare it in your tax return.

Details of expenditure including invoices/receipts or other documentation.

You may be able to claim employment related travel using either a logbook or an estimate of work related kilometres up to a maximum of 5,000km.

The rate for 2023 is 78 cents per kilometre.

You may be able to claim the cost of purchase, dry cleaning and maintenance.

This is only deductible if you are required to wear a work uniform or protective clothing and have incurred the cost.

A claim may also be allowed for sun protection items, e.g. sunscreen, hats and sunglasses if you work outdoors.

Please note:  Be mindful of claiming laundry if you have been working from home.

Details of nature of the travel/conference/courses undertaken, a list of expenses incurred with supporting documentation.

Did you pay any personal insurance premiums for the last financial year? Provide your annual policy schedule to include cover held.

Any assets purchased for work related activities over $300 need to be depreciated from the date of purchase.

Please ensure your donation was made to an endorsed DGR (Deductible gift recipient).

A gift is voluntary transfer of money or property where you receive no material benefit or advantage.

• Cashed in life assurance policies where the policy was held for less than 10 years.
• Foreign income (employment and/or pensions) and tax credits attached to that income.
• Private health insurance tax statement from your fund are now supplied by the ATO.
• Income of Spouse
• Subscriptions and technical journals – excluding sporting clubs. Include political parties.
• Tools and equipment.
• Please ensure you bring any mortgage loan statements if you would like us to review your finance.

• Working From Home: the revised fixed rate is 67 cents per hour. This covers electricity, gas, telephone, internet, stationary and computer consumables. If using this method, there is no ability to make separate claims for items covered in the rate. Costs that can be claimed separately are depreciation on work related assets, such as computers, repairs and maintenance of these assets.
• The tax office is requiring a record of all hours worked from home for the entire year, not an estimate etc. This can be done via timesheet entries, diaries, rosters or other methods.
• The tax office is also requiring that at least one bill from each category that is being claimed is kept as substantiation (electricity, telephone etc)
• Working From Home: actual cost method remains an option and you should discuss this with your advisor to determine if this method is appropriate for you.

• Mobile and home telephone and internet expenses: ensure deductions are claimed only if expenses are genuinely incurred for work purposes. The tax office has advised that they want actual call records as opposed to a reasonable percentage.

If you have made contributions over and above your employer contributions, please provide details. Personal contributions paid to a complying superannuation fund may be eligible for the government co-contribution or a tax deduction. You require a notice of intent to claim a personal deduction in your tax return.

• Foreign income (employment and/or pensions) and tax credits attached to that income
• Occupation and Industry specific guides to deductions are available HERE
• Private health insurance tax statement from your fund are now supplied by the ATO.
• Income of Spouse
• Subscriptions and technical journals – excluding sporting clubs. Include political parties.

CLICK HERE for further information on the ATO website for home office expenses.

The ATO have their sights on people submitting their 2023 tax returns, and will be on the lookout for the following:

• Record keeping
• Work-related expenses incorrectly claimed
• Rental property deductions
• Capital gains from cryptocurrency, property and shares
• Home office costs