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Itax Solutions ® Directory GST Basics
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Advisory Services - "A.B.E" - Advice before Event is better ! We subscribe to daily, weekly, monthly and quarterly professional tax news providers and have an extensive professional library to resolve grey, complicated or contentious issues. Call for advice before transacting, - it may save you significantly.
Electronic lodgement of Returns is now the norm, but all taxpayers continue to an obligation to keep the signed declaration authorising lodgement, along with supporting documents (eg group certificates and receipts) for 5 years, unless assigned to the Tax Agent. Refunds - to nominated account Tax refunds may be paid electronically to any bank account including a third party, as nominated in a signed written declaration.
CHECKLIST The following is a non-exhaustive list of common pieces of paper and data required for compilation of your Australian Personal Income Tax Return, but special information for the current year may be required : GST Impact on your Return
"Non-Commercial Losses" - Impact on your Return ?
Personal Services Income - Impact on your Return ?
EMPLOYEES, STUDENTS & RETIREES
BUSINESS OR PROFESSIONAL INCOME In most instances we require a written summary of business income and expenses unless we are engaged to summarise data, in which case we may need all source documents. - please call to clarify.
INVESTMENT INCOME Please provide written details of property income unless we are engaged to summarise information. As with all areas of income tax law, it is important to get it right the first time to avoid penalties including interest for late payment should there be extra tax owing in the event of an audit.
See Property Tax Tips and Traps WORK RELATED EXPENSES If your vocation is listed below : Artists , Airline employees , Cleaners, Defence Force members, Factory workers, Hairdressers, Lawyers, Teachers, Shop Assistants, Police Officers, Truck drivers, Nurses, Real Estate Agent and Hospitality Industry Workers, you should become familiar with the written ATO Policy on available deductions before submitting your data for Return preparation. We have details in print and CD and can provide clients with relevant information. GST Impact Your deduction entitlement may be affected by the GST treatment of the expenditure. Documentation may be required.
Certain taxpayers have been selected all over Australia for compilation of more detailed Returns than is normally required. For those individuals, commentary must be provided to support each of the above claim sections and each deduction claim must be classified according to Taxation Department labels, if work related expenses for the year were $ 300 or more. For those taxpayers each claim must be supported by :
The Deputy Commissioner of Taxation may audit some of these Returns once they have reviewed them, or if satisfied with the information the taxpayer may not be selected for further scrutiny. Individuals not selected for the compilation of detailed work related schedules may choose to prepare them anyway, so that they are available in the event of subsequent audit. This is optional. This Firm has encouraged clients to complete work schedules for major items (eg car expenses) in prior years as record of supporting data.
HEALTH INSURANCE - REBATE OR SURCHARGE ? Liability for a 1 % Medicare Levy
surcharge ? If not fully covered for Private Patient Hospital Insurance and your Family combined taxable income (TI) was greater than $100,000 (+$1500 for each dependant child after the first) or you were single with a TI greater than $ 50,000, then a Medicare Levy surcharge will be imposed. Note impact of Reportable Fringe Benefits in your PAYG summary. Private Patient Hospital cover is defined as an insurance policy that covers some or all hospital treatment provided in an Australian hospital or day hospital facility. |
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