By Chelsea Brunckhorst

Income

• PAYG payment summaries from employers or pension funds (ensure that any FBT or Reportable Superannuation Contributions are included);
• Interest received on all bank accounts, including term deposits and children’s accounts;
• Dividend payment slips for all dividends received;
• Annual Tax Statements from any managed funds or trusts;
• Rental property information:
• Real Estate Summaries (Annual or Monthly Statements);
• Loan statements in order to determine interest claim;
• All other expenses including – rates notices, insurance policy, body corporate fees, repairs, cleaning and any other expenses incurred on the property;
• If any assets (land, rental property or shares etc) were sold during the year – a copy of the purchase contract, sale contract and settlement statements should be provided;
• Details of any other income received during the financial year should be included.

Expenses

• Work related deductions such as motor vehicle kilometres, travel expenses, uniform or protective clothing, self-education expenses, union fees, subscriptions, office expenses, telephone and donations (please ensure that you have substantiation for any work-related deductions);
• Interest or dividend deductions relating to investment income received (margin loans etc);
• Cost of managing tax affairs;
• Superannuation – details of any personal superannuation contributions and Section 290-170 deduction notices to be completed;
• Income protection insurance statement;
• Details of any other deductions paid during the financial year should be included.

Other

• Private Health Insurance Statement from your health fund;
• Net medical expenses (out of pocket expenses after rebates) that exceed $2060 (doctors, dentist, optometry, physiotherapy and prescriptions etc);
• HELP/SFSS details provided by the Tax Office during June 2012;
• Letter from the ATO stating your exemption from Flood Levy or details of receipt of Australian Government Disaster Recovery Payment.