LWK. Chartered Accountants. Individual Tax Return Checklist

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1 LWK Pty. Limited ACN Chartered Accountants Business Advisers and Consultants Business Advisers an Individual Tax Return Checklist This checklist has been prepared by LWK Pty Limited Chartered Accountants to assist you to gather and prepare information required for preparation of your Income Tax Return. Please consider all the items in the checklist for full disclosure in your Income Tax Return. Additional comments or information can be noted in the Details column. Item No Income Tax Return Item SECTION 1 - INCOME Details 1 Salary and wages Attach your PAYG payment summaries. 2 Allowances, benefits, earnings, tips, director s fee etc Note: some allowances may have been included in your PAYG payment summaries. 3 Lump sum payments For unused annual and long service leave paid out on termination of employment. Refer to the PAYG payment summaries per Item 1. 4 Eligible termination payments (ETP) Attach any ETP payment summaries and Statement of Termination. 5 Youth allowance, newstart allowance, sickness allowance or special benefit, or another educational or training allowances Attach year end Statement provided by the relevant authorities such as Centrelink. 6 Australian Government pensions and allowances Attach Payment Summaries and statement from Government.

2 7 Australian annuities and superannuation income streams Attach Payment Summaries and provide statement or advice showing the deductible amount of the undeducted purchase price (UPP) of the annuity. 8 Australian superannuation lump sum payments Attach Payment Summaries - superannuation lump sum. 9 Attributed personal services income Attach Payment Summaries and provide details of attributed personal services income. 10 Gross interest Provide details including financial institutions, account number, gross interest and Tax File Number withholding tax deducted, if any. 11 Dividends Attach dividend statements showing details of fully franked, partly franked and unfranked dividend and imputation credits. Provide details of any Dividend Reinvestment Plan and Bonus share issue. 12 Employee Share Schemes Provide details of discount from a taxed upfront-scheme, deferral schemes, or pre-1 July 2009 scheme and cessation time occurred during the income year 13 Distribution from partnerships and trusts Details of the partnerships and trusts including their Tax File Number. Amount of distribution and the type of income and tax credits. 14 Personal services income If you are a sole trader and receive 80% or more income from one source. Provide details of income and expenses incurred in deriving this income. 15 Income or loss from business Details of income and deductions and any tax withheld for any business other than personal service income of Item Deferred non-commercial business losses Details of losses from business activities which has not been claimed in prior year. 17 Net farm management deposits or withdrawals For Primary Producers only.

3 18 Capital gains Individual Tax Return Checklist Details of assets sold (such as properties and shares) including description, settlement statement, purchase date, purchase cost, sale date, sale proceed, selling cost. 19 Foreign entities Details of income from direct or indirect interest in controlled foreign company; foreign investment fund; transfer of property or services to non-resident trust. 20 Foreign source income and foreign assets or property Provide details of country, nature of income, gross income, foreign tax paid or withheld. If foreign source salary and income, provide period of service. 21 Rent Provide details of property, date of purchase, number of weeks rented, number of weeks available for rental, rental statements showing rental income and expenses, interest expenses, borrowing and finance costs, capital expenses, outof-pocket expenses not included in the rental statements, building allowance and depreciation report. 22 Life insurance companies and friendly societies Details of bonuses received from insurance bonds if cash in within 10 years. 23 Forestry managed investment scheme income Provide details of income received from a forestry managed investment scheme, sale and harvest receipts, if any. 24 Other income Details of any other income not covered by above such as foreign exchange gains, royalties. SECTION 2 - DEDUCTIONS D1 Work related car expenses Provide details of work required usage of own car. Make and model, business kilometre travelled, annual kilometre travelled, purchase cost, running costs including registration, insurance, service, fuel, lease costs, parking. Provide logbook if one is kept for 12 consecutive weeks.

4 D2 Work related travel expenses For domestic travel provide itinerary and expenses on airfare, car hire, accommodation, meals and incidental D3 D4 D5 D6 D7 D8 D9 D10 D11 D12 For overseas travel provide itinerary, diary and expenses details same as domestic travel unless a reasonable allowance is received and the amount claimed is within the limits set by the Tax Office in its Taxation Ruling. Work related uniform, clothing, laundry and dry cleaning expenses Work related self-education expenses Expenses include books, stationary, student union fee, consumables, travel, depreciation and any expenses incurred in receiving Commonwealth Education Payment (eg. youth allowance). Note: HECS - HELP is not tax deductible. Other work related expenses Deductions include union fee, seminar, overtime meals, home office, telephone, income protection insurance premium, subscription, briefcase, calculator, stationery. Low value pool deduction Interest deductions Dividend deductions Gifts or donations Provide details of recipients and receipts. Cost of managing tax affairs Deductions including tax agent fee for preparing income tax return; amount paid for general interest charge imposed by Tax Office. Deductible amount of undeducted purchase price of a foreign pension or annuity Personal superannuation contributions Provide details of superannuation fund details, members account number and amount contributed. This usually applies to self-employed persons.

5 D13 D14 D15 Deduction for project pool Forestry managed investment scheme deduction Other deductions Details of any other deductions not covered by above such as foreign exchange losses, income protection insurance, debt deductions. SECTION 3 - TAX OFFSETS (REBATES) T1 T2 T3 T4 T5 T6 T7 T8 Spouse (without dependent child or student), child housekeeper, or housekeeper Details of dependent spouse including full name, date of birth, spouse taxable income and separate net income. Senior Australians Pensioner Australian superannuation income stream Private Health Insurance If you are a member of a Private Health Fund, provide the annual statement issued by the Fund showing premium paid, reduction of premium by government, membership number and type of insurance cover. Education tax refund (If you are entitled to Family Tax Benefit Part A) Provide details of purchase, repairs and running costs of laptops, home computers, computer-related equipment, home internet connection, computer software, as well as school textbooks fees, associated learning materials, stationery and tools of trade costs. Superannuation contribution on behalf of your spouse Provide details of superannuation fund and amount paid. Zone or overseas forces

6 T9 T10 T11 T12 T13 T14 20% tax offset on net medical expenses over the threshold amount Provide details of medical expenses (including, hospital, dental and prescriptions) and refunds from your private health fund and Medicare. Parent, Spouse s Parent or Invalid Relative Details of the relatives and their separate net income. Landcare and water facility Net income from working supplementary section Entrepreneurs tax offset Other Tax Offsets SECTION 4 - MEDICARE LEVY AND SURCHARGE M1 M2 Medicare levy reduction or exemption We will work out if you are eligible. Medicare levy surcharge If you are a member of a private Health Fund, provide statement from your Health Fund referred to at Item T5. If not, we will work out if you are liable for the surcharge.