Preparing For Your Return

Expense Records

Investment property expenses

If you have an investment property, to maximize your deductions you’ll need:

  • A Tax Depreciation Schedule. Depreciation can be a huge deduction..
  • Interest payments. Your lender should send you a statement at the end of June.
  • Management fees. Again, if you have a property manager they will send you a statement. This statement will list leasing fees, advertising expenses, repairs arranged by them etc.
  • Self managed properties. If you manage your own property, you should have records of costs to do this – lease packs, stationary, travel costs to collect rent etc.
  • Seminars. The cost of attending seminars related to the management of properties would be deductible. If the seminar also covers the acquisition of properties, only a proportion of it would be deductible.

Share Trading Expenses

There are fewer people these days claiming to trade shares as a business. The guidelines on what level of activity constitutes trading as a business are fairly clear.

If you think you may qualify, please call. Deductions may include:

  • Data costs. Your data vendor will provide a receipt
  • Education. Seminars, courses etc
  • Home office expenses. Include trading software
  • Brokerage. Your broker should provide a summary
  • Trading losses.

Work related expenditure

  • Motor vehicle
  • Travel
  • Specialist tools
  • Self education
  • Clothing
  • Subscriptions
  • Publications that relate to your income producing activities
  • These may be relevant to your occupation or investing activities

Other Deductions

  • Donations
  • Personal superannuation contributions

Income Records

Employment

  • Salary
  • PAYG payment summary amounts (old group certificates)
  • Allowances, benefits, earnings, directors fees etc

Non-cash Benefits

  • Lump sum and termination benefits, Including ETP Payment Summaries
  • Centrelink or Veteran Affairs assistance, Tax statement
  • Details of assets sold during the year e.g. shares, property. Include purchase and sale information including dates.

Pension Details

  • Investment statements
  • Include dividend slips, interest notification (including bank interest), trust distributions, partnership distributions.
  • Foreign source income
  • Include details of any foreign tax paid.
  • Rental income details
  • Include address of property, purchase date, date first rented

Additional Records

  • Private health insurance tax statement
  • Changes in dependents
  • Income and deductions for dependents
  • Net medical expenses is they exceed $2,000 in total
  • Medicare levy exemption
  • HECS accumulated debt
  • Family tax benefit payments received.