Alfred J Camilleri & Associates

Checklist For Individual Tax Returns      

    Download The Tax Checklist
 

MOST INCOME IS ASSESSABLE AND MUST BE DECLARED:
Refer ATO for full list.
REFER TO TAXPACK FOR LIST OF EXEMPT AND ASSESSABLE INCOME.
Typical sources incl:-

Income

Deductible

This following list is not an “invitation” for “willy-nilly” claims, even if a taxpayer feels justified, substantiation rules are strict and must be applied, see below. Many “incorrect” rumours persist leading to frequently incorrect or exaggerated claims, be careful, acceptance of a tax return by the ATO does not mean the return was “accepted” as correct. Time delay for audits/investigations can be up to two years. Clients need to demonstrated substantiation at time of interview. The ATO have advised they reserve the right to review tax returns retrospectively up to 6 years, clients are therefore advised and urged to maintain expenditure and substantiation records for at least 6 years. Penalties may apply for supplying incorrect or misleading information on tax returns. Deductible expenses – expenses or outgoings that are related to the production of assessable income. “WORK RELATED”

 

Additions

   Accountant’s disclaimer

This “Checklist” is not intended as a definitive checklist. It’s purpose being as a “prompt” sheet for the accountant at interview time for the preparation of “individual” return only, business clients may have additional needs, It is made available to clients to serve as a guide only in the accumulation and preparation of data/ substantiation for the tax return preparation. This list is NOT intended as advice or interpretation of Taxation laws, which change frequently, for self prepares of taxation returns; no responsibility is accepted for the private use of this accountant’s checklist, or for omissions or mistakes contained herein..