There are few ways to lodgement individual Tax return, by:
registered tax agent (a list of registered tax agents can be found at Tax Agents' Board;
telephone (only for a short / simple tax return);
the Australian Tax Office's e-tax Internet system (fast, secure and quick refund);
Tax Help community volunteers (this is a network of community volunteers trained to help people prepare their tax returns, e.g. baby bonus claim and claim for refunds of franking credits);
family member and friend (you are legally responsible for the accuracy of the information on your tax return).
post (using "TaxPack" and "Supplementary pack" which available at most newsagents or tax-office shopfront).
Income (from local and overseas accounts) should be included in tax return:
A copy of your group certificate/s (e.g. PAYG payment summary)
Bank statements
Dividend notices and interest payments
Rental income
Capital gains on shares, real estate and other investments
Work allowances
Reportable fringe benefits
Distributions from managed funds
Exempt income
Pensions payments and annuities
Foreign income
Partnerships and trusts
Prizes and rewards
Gifts over $10,000
Summaries of benefits from Centrelink or Veteran's Affairs
Expenses, depreciation, deductions and tax rebates (which might allow you to offset your gross income). This list prepared as below only serves as a guide please get advice from registered Tax agent before you apply:
Property investment expenses: (use "TaxPack supplement")
- Rental expenses (e.g. insurance, repairs and maintenance, real estate management fees council rate, mortgages interest, telephone bill and others…)
- Expenses associated with real-estate purchases
- Capital loss
- Capital allowances
- Decline in asset value (depreciation)
- Tax agent fees and other tax-management costs
Share, business and any income related activities: (use "TaxPack supplement")
- General investment expenses (marginal loan interest payment, set-up fee, monthly account fees, business operation costs and others…)
- Investment losses
- Capital allowances
- Share broking expenses
- Decline in asset value (depreciation).
- Tax agent fees and other tax-management costs
- Superannuation (self-employed)
Working expenses: (use "Individual income tax return")
- Work-related expenses such as telephone costs, petrol, cars and uniforms
- Self-education expenses
- Travel expenses
- Gifts and donations
- Medical expenses - if you expect heavy medical expenses you should lodge for the Medicare safety net as most of these expenses will be tax deductible
- Decline in asset value (depreciation)
- Tax agent fees and other tax-management costs
- Work and education-related books, magazine subscriptions and general publications
- Tax rebates such as 30 percent childcare rebate
- Superannuation (spouse super)
- Union fees
- Baby bonus
- Summary statements of private health insurance
- Income protection insurance statements
Notes
If you earn less than $6000 in a financial year or have had tax withheld from your wages, then you do not need to lodge a return except if you claiming Family type A and / or B benefit you might have to file your return to finalise Centerlink final payment schedule.
If an expense totals more than $300 you will need written evidence, so keep all your receipts (e.g. credit card and bank statements as receipts).
You must be kept any documents and records related to Tax return for up to five years after the lodgement - some may be required to keep longer (e.g. investment transaction paper where you may need it when you selling-example house, shares and others long-term investment items) so check with your registered tax agent or the tax office (ATO) .
Do not claim any work-related expenses if your boss already paid for them.
You can claim $300 worth of work-related expenses without receipts
You can claim 20 percent of medical expenses over $1500 if you keep your receipts (e.g., medical bills and pharmacy receipts)
If you expect large medical bills, lodge for the Medicare Safety Net (this Safety Net allows you to claim up to 90 percent of most medical bills over $1500).
If you work outside, you might be able to claim any costs of sun protection items (e.g. sunglasses, sunscreen and hats.
Maximum low-income tax offset is $750 applied if your taxable income is $30,000 or less. This amount reduces by 4% for each dollar of taxable income over $30,000.
Maximum Mature age worker tax offset is $500 check ATO - Mature age worker tax offset for condition and calculation. # posted by L.Y.B. @ 7:56 PM
