by Margaret Everett
Director, MGI

Tax time is upon us again, so to help you get the biggest return possible, we've put together a list of items to keep in mind when compiling your documentation for your 2011 financial year tax return.

There is also a couple of changes you may need to be aware of, so let's get started.

Income

• PAYG payment summaries provided by your employer
• The amount of interest earned on investments
• Dividend statements
• Annual tax statements for investments in trusts
• Details of shares sold during the year including the original purchase details (date purchased and sold, number of shares and purchase and sale amounts)
  
  

Deductions

• Donations
• Work related travel expenses
• Motor vehicle expenses relating to work (kilometres travelled and your vehicle type or if a log book is used please provide all motor vehicle expenses paid during the year and your log book percentage)
• Protective clothing and uniforms (safety gear, sunglasses, sunscreen and hat if you are required to work outdoors)
• Other work related expenses for example union fees, professional journals and association fees, tools, work computers and laptops etc
• Work related education expenses
• Income protection insurance
• Travel to your accountant (kilometres travelled and the type of motor vehicle)
• Investment expenses including financial planning fees relating to investments you hold, interest on loans used to purchase investments and travel to your financial planner (kilometres travelled and the type of motor vehicle)
  
  

Rental Properties

• Rent received for the year (an annual statement from your rental property agent, if you have one, showing rent received and expenses deducted from this rent for the year)
• All expenses paid including advertising, body corporate fees, land tax, rates, insurance, interest on loans, travel for inspections, repairs and maintenance etc
• Capital allowance schedules from a quantity surveyor
• Number of weeks the property was rented for in the financial year
• If you have sold a rental property and the contract date falls into the 2011 financial year please provide original purchase details and sale details including the contracts, settlement sheets, stamp duty, solicitor’s fees and agent’s fees
  
  

Education Tax Refund

• The education tax refund is available to taxpayers with children attending primary or secondary school and students under 25 years and in receipt of youth allowance or ABSTUDY
• Eligible expenditure includes home computers, laptops and related equipment (printers, ink, external hard drives, usb etc), home internet connection, computer software for educational use, school textbooks and stationery, prescribed tools of trade and repairs and maintenance of all of the above
• Please note that uniforms will be claimable from 1 July 2011 so remember to keep your receipts for future years
  
  

Other

• Please provide details of your private health insurance policy if one is held
• If your out of pocket medical expenses are greater than $1,500 for the year please provide details. Please note that an annual statement can usually be requested from Medicare and your Private Health Insurer
• Bank account details for electronic funds transfer of your refund (account name, BSB and account number)
  
  

What’s new?

Be mindful that paid parental leave income which commenced 1 January 2011 is included as salary and wages in your tax return.

Also, your child care rebate can no longer be claimed in your tax return. Please note that you can now elect to receive your child care rebate weekly, fortnightly, quarterly or annually. For more information contact the Family Assistance Office on 13 61 50 or visit  the website.

Last word

In order to get the most out of an appointment with your accountant we suggest that you write down a list of any financial, taxation, investment and superannuation matters that you would like to discuss and remember the quicker you get your information to us the quicker that refund will be in your bank account!