What you need for your individual tax return
The following information is of a general nature only. It is included for your assistance, but it is not specific tax advice.
We suggest you print this page and highlight the parts relating to you.
You will need:
- All PAYG Summaries, Centrelink benefit statements and employment termination payments.
- Details of interest received—preferably a year-end summary from your bank or building society.
- Dividend statements including dividend re-investments (DRP), managed investment fund annual taxation summaries (these may not be issued until August), and insurance bond withdrawal statements.
- Income details of any share of partnership/trusts/trust estates in tax returns not prepared by ITP.
- For work-related use of motor vehicle, either:
- list of kilometres travelled—usually evidence such as diary entries; or
- log book, plus details of running expenses, ie fuel, repairs, registration, insurance, etc.
- List of work-related deductions, eg uniforms, protective clothing, self education expenses, union fees, tools, stationery, etc. For substantiation purposes, it is preferable for us to sight your receipts.
- Your income protection insurance statement of deductible amount from the insurer.
- Medical expenses if the net “out of pocket” total exceeds $2,060*. (Include doctors, dentists, chemists, hospitals, opticians, referred physiotherapists, etc.). Financial year statements from Medicare and your private health fund are best, plus any extras not shown on those statements.
* Note: for the 2012-13 financial year this offset will have a higher threshold for adjusted taxable incomes over $84,000 (single), or $168,000 (family, and increased for two or more children.)
- List of charity donations. Do not include the cost of art union tickets.
- Flood Levy—the government issued letter of exemption or details of eligibility for the exemption if you qualify. You may be liable for the Flood Levy if your taxable income is over $50,000.
- If you have private health insurance, the annual tax offset statement with membership number and tax offset details.
- If all of your dependants were not covered by private hospital health insurance for the full year, then we require your spouse’s “income for surcharge purposes”. We will need your spouse income from all sources, whether taxable or not, and any reportable superannuation and lump sum superannuation information. See items (a), (b), (c), (d) and (f) at the bottom of this page.
- Rental property expenses. Please supply:
- gross rent received—agent summary, loan interest paid—please bring bank statements.
- expenses paid, eg rates, insurance, repairs, etc., plus car kilometres for rent collections/inspections.
- If the property is new this financial year:
- purchase contract and settlement letter from the solicitor.
- borrowing expense documentation from your financier.
- market value at time of purchase of any capital items included in the purchase of the property, eg carpets and floor coverings, hot water systems, stoves, curtains, light fittings and furniture.
- Full documentation of any property, shares, etc. acquired or disposed of during the year.
Family Tax Benefit is no longer claimed through the tax system
Education tax refund for school children is no longer claimed through the tax system
- To be eligible for the new Schoolkids Bonus payment (which replaces the education tax refund), your family must be eligible for Family Tax Benefit Part A for the child unless excluded because a social security pension or benefit or another government benefit was paid for the child.
Dependant Spouse Offset—this only applies if your adjusted taxable income is $150,000 or less, your spouse is born on or before 1 July 1971 and NOT eligible for Part B of the Family Tax Benefit, or you have no dependent children. To claim this offset, we will need your spouse’s adjusted taxable income. To work this out we require the following information regarding your spouse:
- (a) taxable income, (b) reportable fringe benefits, (c) reportable super contributions, (d) net investment losses, (e) tax-free govt. pensions and benefits, (f) exempt foreign income, and (g) the amount of child support/maintenance—if any—paid out.