What Details Do I Need to Prepare For My Tax Return?

Tax return Documents required

What details do I need to prepare for my tax return?

Tax returns, business tax, accounting and bookkeeping.

As tax season approaches, one of the common questions that we get asked is “What documents do I need to prepare for my tax return?” Properly organising and gathering your documents can make the tax filing process faster, smoother and ensure you claim all eligible deductions and credits. No one wants to miss out on possible deductions, so below is a basic list of the essential documents you’ll need to prepare for your tax return:

1. Payment Summaries/Group Certificates:
These documents outline the income you’ve earned from your employer throughout the financial year.

2. Bank Statements:
Gather statements from your bank accounts to track interest income, dividends, and any other financial transactions.

3. Investment Statements:
Include statements from any investments you hold, such as shares, managed funds, or rental properties, to report income earned or losses incurred.

4. Health Insurance Statement:
If you have private health insurance, obtain a statement to confirm your coverage details and any rebates received (These should automatically be reported within your ATO/mygov account these days for your tax agent to access).

5. Work-Related Expenses:
Keep records of any work-related expenses you incur, such as uniforms, tools, or training courses relevant to your job.

6. Motor Vehicle Records:
If you use your vehicle for work purposes, have detailed records of your mileage and expenses related to the vehicle.

7. Donation Receipts:
If you’ve made charitable donations throughout the year, collect receipts as they may be tax-deductible.

8. Rental Property Records:
For rental property owners, compile records of rental income, expenses, and depreciation schedules for your property.

9. Business Income and Expenses:
If you run a business, ensure you have all records of income earned and expenses incurred, including receipts and invoices.

10. Superannuation Contributions:
Include details of any personal or employer superannuation contributions made during the financial year.

By gathering and organising these essential documents before you start your tax return, you’ll be better prepared to complete your taxes accurately and efficiently. Remember, keeping detailed records and documentation can help you maximise your deductions and minimise the risk of errors or omissions. If you have any tax return questions or specific questions about tax compliance, reach out to the team at Byford Accountants.

Business Accountants Byford Perth WA
If you have any tax return questions or specific questions about tax compliance, reach out to the team at Byford Accountants.

Contact Byford Accountants Today.

reliable accountants

A Brief History

Byford Accountants are not the new kids on the block. Take a look at this timeline to see how it all began and how the journey has continued to where it is today.

Read More »
Armadale WA

Accountants Near Armadale

Watch this entertaining little video about Armadale, WA and also view the beautiful photos of Armadale! Armadale has a growing number of large and small businesses, companies and organisations. Armadale has seen some rapid growth! Armadale is located about 30kms from Perth CBD and is known for its beautiful parks and rich cultural heritage (and a lot of cabinet makers!!).

Read More »
Accountants Perth

Family Friendly Accountants, Perth

Do you have little ones and need tax advice? Sometimes it is difficult to get away for an appointment when you have little ones. But don’t worry, because you can bring them along! We love meeting your little ones. We will make you feel very comfortable to:

Read More »
Whitby WA

Accountants Near Whitby

Situated within the Shire of Serpentine-Jarrahdale, Whitby offers a unique blend of rural charm and urban accessibility, creating a nice backdrop for families and small businesses to grow. With a population that has been steadily growing and currently stands at over 2,000 residents, Whitby exudes a sense of community and opportunity.

Read More »
Seville Grove WA Accounting

Accountants Near Seville Grove

The industries in Seville Grove paint a diverse canvas of economic activities, catering to the evolving needs and preferences of its residents and beyond. From retail and healthcare to construction and professional services and home-based businesses

Read More »