July 13, 2021
So you earn $18,200 or more and looking to pay your taxes which is your responsibility as an Australian Citizen. It is good that you see your taxes as an opportunity to contribute to a better Australia and not as a financial obligation. To make sure that tax return process is easy, quick, and stress-free, many people use a tax agent that helps in providing better tax refunds and convenience.
For your better understanding and convenience, we have created a checklist of documents that can help in making you updated with everything you require for your tax return. This checklist is created as per the Individual Tax Return instructions provided by the ATO department that can help in compiling all your documents in one place and present error-free file to the department.
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Basic Documents Required To Lodge Individual Income Tax
- Tax File Number (TFN)
- Bank details such as BSB, account number, account holder name, bank name
- For medical expenses, you will also need your medicare number
- Children Details
- Income Tax Assessment of the preceding year.
- Payment Summary(PAYG) and Income Statement
- Lump-Sum and Termination Payment Summaries
- Government payment Statements
- Spouse earnings and expenses details (For married)
- Any Interest income earned from banks and building societies divided statements for dividends received or reinvested
- Earning statements from managed funds
- Income from Investments
- Annual Tax Statements from Managed Fund
- Rental properties
- Foreign income details
- Capital gains
- Employee share schemes
- Motor vehicle
- Travel (fares and accommodation)
- Work-Related Expenses such as Uniforms/work-wear, and technology.
- Self-education and professional development
- Contributions to Superannuation (Self Employed)
- Union, registrations, tools, subscriptions, memberships
- Home office, seminars, conferences
- Medical Receipts
- Capital Losses
- Telephone, computer, internet expenses
- Any other costs incurred earning income
- Donations to charities or building funds
- Details regarding Income protection insurance
Read More:- Valuable Tax Tips for Australian Businesses in 2021
How Can a Tax Agent help in Lodging Your Personal Income Tax Return?
Let’s be honest that most of us don’t like doing our taxes as they are too complicated or too time-consuming to ruin our weekend in collecting all the information. If you think you are the only one who feels Tax Return in Perth is complicated, you are wrong. Many people in Australia like to choose a tax agent firm as they have the skills and experience in completing all the legal complications and ensure the applicant remains in the good books of the ATO department. There are numerous benefits of taking the assistance of tax agents in an income tax return.
- Time-Saving: Imagine discussing with your tax agent over coffee and getting your tax return filed. DIY is not the best solution in some situations, especially if related to taxes, where mistakes can lead to fines or penalties. In terms of tax returns, taking the assistance of an expert agent is the best option to save your precious time in collecting the information and filing taxes.
- Fewer Complications: Getting the assistance of a tax agent can help in diminishing the stress which most people get while dealing with their finances. Just a simple discussion with the agent can work out things in your direction.
- No Stress: If you prefer doing your tax returns on your own, everything comes under your area of responsibility which is indeed stressful. Even the slightest mistake caught by ATO can result in hefty penalties or fines and loss of reputation. Through an experienced Agent, you can focus on your core tasks and leave the duties of your tax returns on their responsible shoulders.
- Extended Deadlines: If you choose to lodge your tax return through the help of a tax agent, you get extra time of filing your tax return till May and not in October, applying to self lodgers.
- Finding More Windows of Tax Deductions: Taxes are complicated and need expert minds experienced in finding various windows of deductions that an individual hasn’t heard or aware of but is entitled to claim. Through the help of Tax Accountant Perth, an individual can get lots of refunds without breaching any law made by the Authority.
An income Tax return is a responsibility that needs to beared by an Individual earning $18200 or above. The above-mentioned information will help the applicants with documents ensuring everything is as per requirements asked by the ATO department. Taking the assistance of a reputed Tax Accountant Perth can provide the support required for a clean and error-free file to Authority.