Tax Preparation
Tax preparation involves filling out a tax return with correct financial data in order to determine tax liability. Also, it can be used to establish whether a taxpayer is eligible for a refund or owes money.
It can be carried out by the taxpayer through the assistance of tax preparation software or online services. It can also be carried out by an approved expert such as a registered Tax Agent.
For the process to go smoothly, you will need to provide certain documents.
Identification
These include documents that verify who you are such as driver’s license, passport, etc.
Income
- PAYG Payment Summary
- Interest & Dividends
- Trust and/or Partnership Distributions
- Capital gains transactions (i.e. sale of property, shares, etc)
- Investment property statement from agent or summary of rent
- Business income if you are a sole trader
- Copies of Business Activity Statements if you are registered for GST
- Any other income
Tax Deductions
- Work related expenses
- Interest & dividend related deductions
- Home office expenses
- Donations
- Income protection insurance
- Deductions relating to capital gains transactions
- Investment property expenses
- Sole trader expenses
- Any other deductions
Others (If applicable)
- Private health insurance policy statement
- Medical and dental out-of-pocket expenses
- Medicare levy exemption certificate
- Copy of previous income tax return (for new clients)
Books a Mess?
Don’t worry if you own a small business and haven’t kept up your bookkeeping. We can help you. We’ll prepare your bookkeeping for the year.