Follow our handy Personal and Business Tax Time Checklists to make sure you’re prepared.
So it’s that time of year yet again! If you are new to lodging a tax return or if you are a new Start-Up Business or Sole trader/contractor – even if you’ve been doing it for years – getting all of your financial documentation together can be a daunting task.
If you just don’t know where to start, the Hrkac Group are here to help. We strive to take the guesswork out of Tax time and have put together helpful checklists for both personal and business taxation clients, so that you can be confident that you have everything in order.
For those looking to lodge a personal tax return, here is a list of some of the items required by your registered tax agent:
- A Copy of your previous years income tax returns (new clients only)
- PAYG payment summaries Group Certificates
- Dividends and other investment income
- All Rental Property Information
- Receipts for any possible claims/deductions including:
- Motor Vehicle expenses
- Any Travel expenses
- Uniform purchases and Laundry costs
- Self Education Costs
- Any Work related expenditures
- Tax agent fees paid during last financial year (new clients only)
- Your account bank details for any refund
- Any Gifts or Donations
- Income Protection premiums paid
- Private Health Insurance Annual Taxation Statement
For those of you running a business, here is a list of some of the items required by your registered tax agent:
- Backup or invite your agent to join your Accounting program
- (i.e MYOB/Reckon/Quickbooks/Xero)
- Bank Statements for all business accounts including loan statements
- Documentation for any new Capital purchases such as Motor Vehicles or properties
- Trade Debtors listing as at the end of the period
- Trade Creditors listing as at the end of the period
- Detailed payroll records
- Do you have any carried forward capital losses? If yes, how much
New clients will also need:
- a copy of most recent years financials and tax returns
- Previous accounting fees paid
- Personal and business details
Download our Personal Tax Checklist or our Business Tax Checklist here!
If you would like to know more or to make a time to see one of our Geelong based Personal or Business Tax Specialists, feel free to contact the Hrkac Group today!
