Finance & Accounting

2019 Tax Return Checklist for Individuals

How is it that time of year already? It’s almost time to gather all your paperwork and get your lodgments into the ATO.

Providing all of your relevant information will help to avoid unnecessary lodgment delays and additional fees and charges.

Below are 7 steps to ensure you meet your Tax Office substantiation obligations:

  1. Provide your bank account details
    Are you expecting a refund? We’ll need your bank account details including BSB, account name and account number.
  2. General Information:
    -Income statement available via myGov (previously known as PAYG payment summaries or Group Certificates)
    -Bank account details (see #1 above) and details of any interest received
    -Dividend statements for any dividends received during the financial year
    -Employee Share Scheme payment summaries
    -Tax Statement for any managed funds
    -Receipts for work related expenses
    -Receipts for donations to registered charities
    -Receipt from a registered tax agent for the last year’s tax return if not prepared by Power2
    -Full details of your partner’s income
    -Private Health Insurance Tax Statement (see #2 above)
    -Letter/statement detailing your tax deductible income protection insurance premiums
    -Details of any business income and expenses
    -Receipts for any medical expenses for disability aids, attendant care or aged care.
  3. Have you sold any shares?
    -Contract/statement for sale of the shares
    -Contract/statement for the purchase of the shares
    -Purchase price for shares sold that were acquired via dividend reinvestment
    -Details of any share consolidations, mergers, demergers or rights issues
    -Details of any brokerage costs in purchasing or selling the shares
  4. Have you received any rental income?
    -Date first rented
    -Real Estate Agent Annual Statement
    -Details of rental income received
    -Receipts for rates, water, insurance, body corporate, pest control and advertising
    -Details of interest incurred on loans used to purchase the rental property
    -Receipts for repairs or improvements or appliance purchases
    -Last year’s tax return (if the property was rented last year and this was not prepared by Power2)
    – All purchase documentation (for newly acquired rental properties)
    – Depreciation report (if you have one)
  5. Have you sold an investment property or vacant land?
    -Sale contract and settlement statement
    -Purchase contract
    -Legal fees and stamp duty paid on purchase
    -Receipts for Building and Pest Reports
    -Receipts for improvements
    -History of rates paid (vacant land only)
    -Receipts for advertising
    -Receipts for Real Estate Agent commission paid and other selling costs
  6. Do you need a Medicare Levy Exemption?
    If you are a temporary resident, were not an Australian citizen, do not ordinarily live in Australia or were a member of a diplomatic mission, you may be eligible for an exemption from Medicare Levy. For more information or to apply for an Exemption Certificate, contact Medicare on 1300 300 271.

This is not an exhaustive list. Other information may be required that is relevant to your particular circumstances.

Power2 recommends that you obtain your own records to support the information declared in your tax return. The tax agent pre-fill report, while it may contain some of the required information, is not always available and may be incomplete.

At Power2 we have made it easy for our clients to lodge their returns. We are conveniently located in the suburbs and have extended hours for the tax period. From July 15 to September 27 our Slacks Creek and Caboolture offices are open for business from 8:30am-8:00pm Monday and Tuesday and 8:30am-5:00pm Wednesday to Friday. Click here to make an appointment today before the 31 October tax return deadline.

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