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Common documents for individual tax return

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As an individual tax payer to make the tax return process smoother you are required to have certain important documents which need to be lodged for income tax return while approaching the end of the financial year.

Some common documents you need to complete the tax return effortlessly includes:

  • PAYG (Pay as You Go) Payment Summary: It is the statement which will be received 14 days after June 30 from your employer.
  • Interest Income (Bank Statement Summary): Any bank accounts or term deposits that earn interest need to be declared in individual’s tax return.
  • Dividend Income Statement: Some shares pay dividends twice during the financial years thus the individual needs to ensure and keep dividend statements of each shares.
  • Partnership or Trust Income (Annual Statement): If individuals have invested in any Trust or Managed funds, they require annual tax statements provided by these funds.
  • Sales of Investments: If individual has sold any investments (e.g. Shares or Property) it needs to be stated clearly with the date and purchase price of the asset and also the date and sales procedure of the investment for calculating individual’s gain and loss.
  • Rental Income & Expenses: If individual’s properties are rented through agent, the annual rented summary needs to be provided along with the expenses incurred for maintaining the property such as water expenses, loan interest, insurance, land tax, travel expenses, repair and maintenance.  
  • Work Related Expenses: This includes uniform and laundry costs; travel or car expenses, training costs, office equipment, stationaries and other work-related expenses.
  • Donation Receipts: Receipts of any tax deductible donation made to charities and causes (e.g. Non-profit organisations and CSR activities) needs to be included in the tax return.
  • Private Health Insurance: In the tax return process annual statement of private health insurance needs to be provided.
  • Medical Expenses Receipts: Individual might be eligible for Medical Tax Offset. The copies of individual’s Medicare and private health insurance statement of annual benefits and pharmacy receipts for prescription expenses and any other medical expenses which determines the eligibility of the respective individual is required for the tax return.

Notable point is that ATO requires bank account details to deposit tax return directly into the individual’s bank account. Therefore, individual’s details including BSB (Bank-State-Branch), Account Number and Account Name are required before lodging the return.

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