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Get your (financial) ducks in a row with this End-Of-Financial-Year checklist

Do you want your tax return experience to be quick and easy, with the maximum possible refund, this end-of-financial year? Of course! It's important to be prepared with as much essential information as possible. Here’s a handy checklist to ensure you’re ready with all the right details and documents to ace it at tax time. The Basics
  • Tax file number
  • Bank details (BSB and account number)
  • PAYG payment summaries (aka group certificate)
  • Statements for:
    • Lump sum payments (e.g. termination of employment)
    • Interest earned as income from banks, credit unions and building societies
    • Dividends received or reinvested
    • Government and Centrelink payments (e.g. pensions and allowances)
Work-related Expenses Receipts for:
  • Depreciable assets (e.g. laptop, telephone and tools of trade)
  • Professional memberships and subscriptions (e.g. union fees, magazines and journals)
  • Professional development and self-education (e.g. courses, seminars and books)
  • Purchase and laundering of compulsory uniforms and protective clothing
  • Home office set-up and running expenses (e.g. furniture, electricity and internet connection)
  • Motor vehicle expenses for work-related travel
  • Annual tax statement for Private Health Insurance Rebate
  • Proof of medical expenses where the total exceeds $2,218 (after Medicare and private health fund rebates)
  • Details of dependants, including age, occupation and income
  • Details of superannuation contributions on spouse’s behalf
  • HECS debt statement
Rental Property
  • Date when property was purchased and, if applicable, with whom
  • Loan statement(s) showing interest and fees paid on money borrowed
  • Records detailing rental income
  • Proof of expenses incurred (e.g. body corporate, council and water rates, insurance premiums and kilometres travelled to and from property)
  • Details of capital works on the property
  • Information relating to dates and costs associated with the disposal of the property (if applicable)
Other Deductions
  • Receipts for donations of $2 and over to registered charities
  • Proof of income protection insurance premiums
  • Documents showing expenses incurred in earning interest and other investment income (e.g. financial adviser fees)
  • Receipts for expenses incurred in managing tax affairs (e.g. tax agent’s fees)
Don’t forget that Moneysoft is also a useful tool to assist with your end of year tax preparation. When it comes to the end of the financial year, you can easily tag anything that is ‘tax-related’, then pull a report for these items within a matter of seconds when you need it!