Personal Tax Services

Most individuals are familiar with what income needs to be declared in their annual tax return. However, the question most commonly asked by individual taxpayers is “what deductions can I claim?” You can generally claim a tax deduction for expenses directly incurred in earning your employment or investment income, provided that the expense is not a of a private, domestic or capital nature.

To help us prepare your tax return quickly and efficiently it’s important that you provide us with all the information we need upfront. If you aren’t sure what you need to bring, then ask us to email you a checklist.

Below is a sample checklist of information to bring to your appointment.

• PAYG payment summaries
• Centrelink statements
• Interest received details
• Dividend slips
• Annual tax statements for investments
• Details of shares received under an Employee Share Scheme
• Share sales (document showing purchase date and price plus document showing sale date and sale price)
• Sale of land or investment properties (settlement statement for both the purchase and sale, plus details of other expenses incurred)
• Details of foreign income or foreign pensions
• Rental properties (a summary of income and expenses, together with supporting documentation)
• List of income tax deductions (including receipts for larger items and donations)
• Spouse’s taxable income
• Private health fund annual statement
• New clients should also bring a copy of their prior year tax return

For a more detailed checklist or to discuss any issues in more detail, please contact us.  For more information about claiming tax deductions, go to www.ato.gov.au and search for “Guide to Claiming Deductions”.