At MCG Accountants we aim to make the process of preparing your income tax return as simple and stress-free as possible.
With over 20 years experience in preparing individual tax returns we are well placed to ensure that you receive the maximum refund you are entitled to. No matter how simple your affairs you will receive the safe dedicated service that our largest client receives.
Below are some tips to help you gather all information necessary to prepare your tax return.
INCOME
Don’t forget your interest income!
- Payment Summaries (previously called Group Certificates)
- Centrelink Statement for Newstart Allowance, Pensions payments, Youth Allowance, Parenting Payment (Partnered). We do not require details of your Family Tax Benefit Payments.
- Bank Interest Earned
- Dividends Received
- Annual Distribution and Tax Statements for Managed Funds
- Purchase & Sale Details for Investments Sold including shares. This should include the date of purchase & sale & the cost and sale amounts.
RENTAL INCOME & EXPENSES
Travelling to and from the rental property for an inspection, to carry out repairs or collect the rent is a deduction that is often missed. Please let us know if this applies to your rental property.
- Real Estate Agents’ statements
- Details of expenses paid for rental property (rates, insurance, strata fees etc)
- Interest on money borrowed to purchase the rental property
MOTOR VEHICLE EXPENSES
Do you use your car for work purposes other than travelling directly to and from work?
Applicable where the vehicle is used for work/business purposes
If you have prepared a log book please forward the log book along with all running costs for the motor vehicle along with the cost and date the vehicle was purchased.
Otherwise if you want to claim cents per kilometre then please tell us the number of business kilometres you travelled for the year up to a maximum of 5,000km per year along with the make and engine capacity of your vehicle.
WORK RELATED EXPENSES
We will use our 20 years of experience in preparing individual income tax returns to ensure that you claim every tax deduction that you are entitled to.
This could include subscriptions, union fees, income protection insurance, business use of your mobile phone and home office expenses etc.
You’ll also need to supply details of purchase or laundry of uniform, protective or occupation specific clothing. Don’t worry about your ordinary work suits though as these are not deductible for you or me.
PRIVATE HEALTH INSURANCE
This needs to be included in your return.
- Make sure you supply your Annual Private Health Fund Statement. This is required to identify whether you have Private Hosptial Insurance, as it is hospital cover which exempts you from the Medicare Levy Surcharge.
OTHER INFO
Please advise us of anything else you think may be relevant to your tax return. It is better to tell us too much than not enough.
- Details of any Gifts or Donations
- If you have a Partner or Spouse – their taxable income
- Last Year’s Tax Return or assessment notice from the ATO. A copy of last year’s tax return would be helpful if handy.
- Details of last year’s tax return fee
- Any Other Information you may think is relevant. Each person’s circumstances are unique!
