WHAT YOU WILL NEED:
We suggest that you copy this page as a reference before you start your return.
Things will go much quicker if have these documents (those applicable to you) available before you start.
1. PAYG Payment Summaries / Group Certificates
2. Social security pensions, allowance documents / statements
3. Sole parent / spouse / housekeeper / low income / aged persons rebate
4. Family assistance statement
5. Private health statement
6. Medical receipts over $2,000
7. Schedule of work related expenses
8. Interest & dividend details
9. Franked credits from dividend statements
10. Superannuation if self employed
11. Prior year tax losses
12. Previous years accounting / lodgement fee
13. Investment property expenses schedule
14. Interest / fees on borrowing for investment purposes
15. Sole trader business details
Some expenses eligible for tax deductions - please read through this list
- Vehicle expenses – This includes petrol, cover, and any maintenance that you have done on the vehicle as it relates to your work.
- Travel costs – Many travel costs are eligible for tax deductions as long as the travel is related to your job. This includes accommodations, dining, and airline tickets.
- Education – If you go to a training seminar or take a class or even purchase a book to improve your business knowledge you can use the costs of that instruction as tax deductions.
- Clothing – When you invest in clothes specifically for work they may also be deductible as well as the laundry/cleaning.
- Tools or equipment – This can include any software or computer you purchase for work as well as actual tools.
- Insurance - Those who are self employed may have to buy their own insurance, a cost that is tax deductible.
- Depreciation – A lot of people miss this big deduction. Be sure to calculate the depreciation on any of your physical assets because it too can be deducted from your taxes.
- Sun protection – If you work outside or are doing a project that requires you to be outside regularly you can also count the cost of sunscreen, hats, and sunglasses as a work expense and therefore deduct them.
- Home office – Your home office expenses like phone lines and Internet connections can also be deducted as long as they are used exclusively for work.
- Charitable donations – If you make donations to any charity, like sponsoring a local team or donating to a good cause, in the name of your business you can deduct that donation from your taxes
- Tax losses – If you have previous years tax losses you can also deduct them from your current taxes.
- Publications that are purchased for work
- Management of your tax affairs by accountants or lawyers
- Non-employer sponsored super contributions
- Debt expenses obtained through a getting or maintaining a property loan
- Property project pool
- Deductions from property trust income
- Rental property expenses
- Australian Film industry investment
- Prepaid expenses
- Interest and dividend deductions
More TAX TIPS
Want to get started?
IMPORTANT - Questions marked with an * are required and the form will not lodged if they are not completed.
ITP: The Income Tax Professionals
ITP has more than 250 offices throughout Australia and services almost 300,000 clients annually.