By Courtney May
The end of the financial year has now passed and it’s time to think tax! Are you an individual or a small business and not 100% sure what to include in your tax return? Don’t stress – the Robertson Scannell team are here to help with the ultimate guide for your tax time preparation!
The Ultimate Checklist for Tax Time Preparation
Firstly, you will need to gather information for all of your income and expenses incurred during the financial year. It is recommended that you keep receipts for all expenses and tax deductions for record-keeping purposes and also keep an electronic copy of these.
Individual Tax Return Checklist
Are you an individual? If so, please click on the following link which provides a comprehensive list of what you should include in your individual income tax return:
Small Business Tax Checklist
On the other hand, if you are a small business, we have prepared a separate checklist which comprehensively lists all the items that you should include, which can be found here:
Whether you are an individual or small business, it is important to remember that if you have purchased or sold an asset (such as shares, an investment property, etc.) in the last financial year, be sure to provide your accountant with any purchase or sale contracts, as well as settlement statements and any other supporting paperwork.
What date do I need to lodge my tax return by?
Individuals and businesses’, who lodge their own income tax return through myTax, e-Tax, the ATO app or a paper return, have until 31 October to lodge. Alternatively, if you choose to lodge your tax return through a registered tax agent such as an accountant, you have until 31 March the following year.
If you decide to lodge your tax return through a registered tax agent, and have not previously lodged through that particular agent, be sure to provide them with the previous year’s income tax assessment, a copy of the previous year’s tax return and financial statements (businesses), and any accounting fees paid for the prior year. Additionally, it is a good idea to provide the registered tax agent with your bank account details (bank account name, BSB and account number) if you are lucky enough to receive a tax refund, as the refund can then be paid directly into your bank account.
Remember we are here to help and if you have any questions regarding your income tax return, we encourage you to call us on (07) 4638 1155 to speak with an accountant from the Robertson Scannell Team.