Individual Tax Return Checklist 2021

Please take a few minutes to read this checklist for Individual tax returns so that we might obtain the best result for you.

The list attempts to cover most of the more common tax return items.  It is not a complete list, and we may require further clarification or additional data.  Having this information on hand when you meet with us to prepare your tax return will save considerable time and cost for both of us.

The Basics

• Details of the bank account the tax refund is to go into: the account name, account number, and BSB.
• All PAYG Payment Summaries (formally known as group certificates) are now are sent directly to the ATO for all employers that are registered for Single Touch Payroll (STP).
• Let us know if you have received any pensions or other government payments, and/or Employer Termination Payments (a separate ETP Payment Summary will have been given to you).
• Details of interest received on bank accounts (specify whether in your name, joint names and/or your children’s name).\
• Details of dividends received including franked/unfranked portions and imputation credits (specify whether in your name, joint names and/or your children’s name). Note that dividends are reported in the year they are received, not on the record date.  For example, if a dividend is declared for 30 June 2021 but not paid until August 2021, it will be reported in the 2021/2022 tax year.
• Let us know if you bought or sold any shares during the year and provide copies of purchase and sale contracts.
• Details of your private health insurance (if applicable). We need a copy of the statement your insurer should provide you with specifically for tax purposes.
• Any deductions that may be relevant to the earning of income, e.g. work or investment deductions. We can help you determine what is a legitimate deduction.
• Receipts for deductible donations. Note that donations are not deductible if you received something for your money (for example, a raffle ticket or a pen). Payments made to school building funds are often deductible, so please check for these.
• A log of any hours worked from home especially during COVID.

Investment Properties

If you have an investment property, we need to know:

• Rental income from the property over the financial year (this is usually available in the real estate agent’s yearly summary report).
• Any expenses incurred for the property. These are usually found in the real estate agent’s yearly summary report, but may also include insurance, rates, electricity, repairs and maintenance, strata levies, land tax, and mortgage interest, but do not include principle repayments.
• If you have purchased or sold an investment property during the year, provide the settlement details for both the purchase and sale (the solicitor’s statement). If there are borrowings for the purchase, we need to know the establishment fees, stamp duty on mortgage, and legal fees on mortgage.

Other investments

If you have investments in trusts or managed funds, you should receive a tax statement.   Bring copies of these statements with you.

Family Tax Benefit

If you have dependent children you may be entitled to Family Tax Benefit. If you have been receiving regular Family Tax Benefit payments, a reconciliation will be performed by Centrelink when your tax return is lodged.  If you do not normally claim Family Tax Benefit or leave this claim to tax time, you will need to fill out a separate form, which must be lodged with Centrelink.

Any other relevant information

If there is anything else that you feel may be tax related, please bring it along.  We will happily help you decide whether it is relevant. We hope that this short list will help you prepare for your tax return and look forward to seeing you soon.

Also below are links to deduction fact sheets provided by the Australian Taxation Office