Submitting your tax return can be a time-consuming process. A checklist makes the process more efficient and also ensures you capture every element you need to maximise your return.
If you’re completing an individual tax return we’ve included the following key areas:
• Income including PAYG
• Lump sum payments
• Share dividends
• Property income
• Work related deductions including asset depreciation, professional membership fees, self-education costs and more.
If you’re completing a business tax return we’ve included the following key areas:
• Legal fees
• Earnings received in cash
• Lump sum payments
• Professional journal and magazine subscriptions
• Details of Government grants and rebates.
It’s easy to miss one or two points of relevance when you complete your tax return, which can reduce your refund or leave you at risk of not complying with your disclosure obligations. Common items that people forget to include on their tax return include tax agent fees, union memberships, vehicle expense, mobile phone costs and home office costs
Our tax checklists are simple to follow and you can submit them to us as part of the process to help simplify the completion of your tax return. Complete your checklist or call us today if you need more information regarding items that are relevant to your return.
Questions?
If you have any questions about your tax return, please contact our Stafford accountants on 07 3263 7030 or tax@mcfillin.com.
