To save yourself some pain at the end of the financial year, now’s a good time to start to plan for tax time, if you haven’t already. With the end of the third quarter looming, that means you have three months to start getting your paperwork together to reduce the stress at the end of June.
Here’s a helpful list of the kinds of information that are useful for preparing your tax return.
If you haven’t done a great job of keeping these bits and pieces in some kind of order, now is a good time to start to develop a system for next year that will make your life easier.
Check with the Australian Taxation Office or your accountant for more detailed information.
Documents supporting statements of income
Banking
- Detailed bank statements, receipts, invoices, cash book records of any other income
- Reconciled cashbook including drawings taken from the business before banking
- List of debtors
- MYOB or QuickBooks files
- Details of savings, investment and term deposit accounts
- Totals of bank interest received (see your bank statements)
Investments
- Statements of rental income received
- Share trading statements
- Details of shares held, sold or purchased (including dates and fees)
- Dividend statements
- Sales of equipment, property or assets, with dates
- Description of assets or improvements to assets
- Information about capital gains
Also provide details of your annual turnover.
Documents to support expense claims
- Loan statements, including interest paid and end of year balance.
- Reconciliation of wages and salaries and copies of payment summaries
- Details of super contributions made for each staff member, with fund details and dates
- Money spent on a rental property or the purchase of a rental property
- Rent paid
- Motor vehicle expenses: leasing, fuel, repairs, registration
- Motor vehicle log bo0ks with odometre reading for first and last day of financial year
- Engine size and number of business kilometres per vehicle
- Travel diary and insurance costs
- Invoices for purchase or hire of goods for business purposes
- Petty cash summary and list of items
Other things to think about
- The value of your stock valuation at start and end of the financial year
- The value of work in progress on 30 June
- Creditor and debtor details
- Payments or loans to family members / children
