It's Tax Time
Updated: Aug 5, 2019
Another financial year has ended and new one has begun. That means its tax time!
Its time to start collating all of your Income and Expenses for the period 1 July 2018 to 30 June 2019. What items will you need?
Income - all money earnt is assessable. We have listed a few below;
Employer PAYG Payment Summaries - These will be made available to us by the Australian Taxation Office. We can forward these to you or you can view them in your MyGov account.
Interest - The easiest way to obtain this is to log into your online banking and search for 2018/2019 Interest summary. Banks and financial institutions may or may not send these to you.
Dividends - If you own shares you may have received dividends in cash into your bank account or, in lieu of receiving the cash, purchased more shares (Dividend Reinvestment Plan DRP). In either scenario the amount received and any tax the company has paid on your behalf is taxable. You will need all dividend statements (normally 2 are issued during the financial year). If you do not have your statements, find your SRN (Shareholder Reference Number) which will be on your purchase documents and bring it with you.
Rental Income - The easiest thing to bring in that captures all of your rental income is the annual rental statement that is issued by your real estate agent. If you do not have an agent managing your property please bring in your bank statements showing the deposit and your signed rental agreement with your tenant.
Business Income - If you have an accounting program we will need to be provided access. If still you operate using physical sales books and invoices that's no problem at all. We can still assist, simply bring it all in
Expenses - Expenses are able to be offset against income earnt if you can demonstrate that you needed the item to produce the income. Some items may have a dual purpose. We will assist you.
Expenses may include (but are not limited to); donations to deductible gift recipients (if you receive a raffle ticket or a pen its normally not tax deductible), memberships, registrations, car travel, myki use, mobile phones, internet bills, home office, business rent and utilities, cost of goods sold, employees wages and super, plant and equipment (whether owned or on a chattel mortgage, interest on business loans…..