Posted by Karen Munoz, EA

What Should You Prepare for Your Tax Appointment?

What Should You Prepare for Your Tax Appointment?

It is not a good idea to turn up empty-handed if you have a tax appointment. You need some records as proof as it will save you time and effort.

New clients need to have copies of the previous year's tax return or should be able to access it online. Your personal details and other data like income sources, tax file numbers, deductions, tax offsets, and additional information you claimed must be available. You should also have your bank details in case you qualify for a refund. 

For people who use an online system or portal for their tax, it is essential to pull the data in case you have to. Most online accounting solutions reveal business transactions and allow users to have recorded in an easy to understand manner. 


Essential Things to Take Along

This section will shed light on vital things you should gather in preparation for your tax appointment. Not everyone will have to prepare for all the items on our list since it depends on the circumstances. Consider it as a checklist that will help you decide what you need.

Income 

  • Bank statements for all interest gotten in the year

  • Distributions from your super funds, partnership, or trust

  • Allowances paid for meals, cares, travel, and entertainment.

  • Allowances and pensions from the government 

  • Dividends

  • Personal services income

  • Capital gains from the sales of property or shares

  • Net loss or income from your business 

  • Rental income from investment properties

Expenses for Tax Deductions

  • Expenses from your motor vehicle based on traveled kilometers and business use percentage. You should include your logbook if it is available.

  • Information on trips and accommodation

  • Uniform for work and other expenses for clothing

  • Seminars, courses, certifications, and other educations

  • Expenses for home office

  • Computers, laptops, repairs, upgrades, and software

  • Cost of employees

  • Tools and equipment

  • Payment for rent or lease

  • Fees from banks

  • Interest paid on property loan and others.

  • Costs for utilities like internet and telephone

  • Transport and freight costs 

  • Other utilities like gas, water, electricity, etc.

  • Donations

  • Accounting and legal fees

  • Information on any asset you got

Some of the items on our list require receipts of expenses. You will need them to claim tax deductions for you or the business. Keeping an electronic copy of these documents is a terrific idea as it makes it easy to access them without location restriction for things like an audit.

For people in business, you might need to submit additional information in addition to the ones listed above. Copies of what we recommend are:

  • Statement from your bank for credit card use

  • Loan agreement info like chattel mortgage, lease, hire purchase, etc., pertaining to your business.

  • Working paper, statement of business activities, and installment activities.

  • Value of your stock after the stock you took on the 30th of June.


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Karen Munoz, EA
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