Items to consider in your 2015 tax return
Income
- Employment income (salary/wages)
- Allowances / tips / director’s fees
- Employer lump sum payment
- Employment termination payment (ETP)
- Centrelink / pension income
- Annuities / superannuation lump sum payments
- Interest amounts and TFN credits
- Dividends, imputation and TFN credits
- Employee share schemes
- Partnership and Trust distributions
- Business income
- Capital gains / losses
- Foreign income
- Rental property income
Specific deductions
- Income protection insurance
- Union fees
- Home office expenses
- Seminars / courses / conferences
- Overtime meal expenses
- Briefcase
- Tools and equipment
- Depreciation on work-related assets
- Calculator / electronic organiser
- Computer costs including repairs and printing costs
- Software
- Memberships and subscriptions
- Telephone / mobile phone / internet
- Bank fees related to such things as deductible purchases
- Interest expenses related to such things as deductible purchases
- Sun protection items like sunscreen, safety glasses and protective gloves
- Reference books / journals / trade magazines
General tax deductions
- Work--related motor vehicle expenses (you may need a log book for these)
- Work-related travel expenses (you may need a travel diary for these)
- Work-related clothing and laundry expenses
- Work-related self-education expenses
- Other work-related expenses (see below)
- Interest and dividend deductions
- Gifts and donations
- Tax related expenses including tax agent fees and travel to tax appointment
- Undeducted purchase price pension / annuity
Other items to consider
- Higher education loan program (HELP) / HECS
- Student financial supplement scheme (SFSS)
- Child support agency liability
- Net medical expenses offset
- Health insurance statement
- PAYG instalment credits
- Other offsets and tax credits
- Reportable fringe benefits amount
Often the most efficient and easy way to get the maximum possible refund from your ITR is to place this in the hands of experts. Speak to Ganrid & Associates today for specialist help in preparing your tax return.