Get Ready for Your 2023/24 Tax Return Appointment with Your Accountant
As the end of the financial year approaches, it’s time to prepare for your tax return appointment with your accountant. At Thriving Wealth, we want to ensure you maximise your deductions and streamline the process. Use this comprehensive checklist to gather all the necessary documents and information for your appointment with your accountant.
Your Checklist
Claims for Deductions Ensure you have all receipts and documentation for your deductions.
Car Claims and Log Books Gather all relevant records for your car claims.
Common Deductible Expenses
1. Depreciating Assets ($300 or less) Salary and wage earners, as well as rental property owners, can claim an immediate deduction for certain income-producing assets purchased before 1 July 2024. Some examples include:
Tools of trade
Electronic tablets
Calculators or electronic organizers
Software
Books and trade journals
Stationery
Briefcases/luggage or suitcases
2. Clothing Expenses Pay for work-related clothing expenses before 1 July 2024, such as:
Compulsory or non-compulsory uniforms
Occupation-specific and protective clothing
Dry-cleaning, laundry, and repair expenses
3. Self-Education Expenses Prepay self-education items such as:
Course fees (excluding HELP repayments)
Student union and tutorial fees
Interest on borrowings for deductible self-education expenses
Stationery and textbooks
4. Other Work-Related Expenses Prepay any of the following expenses before 1 July 2024:
Union fees
Subscriptions to trade, professional, or business associations
Seminars and conferences
Income protection insurance (excluding death and TPD)
Magazine and professional journal subscriptions
Important Note: Ensure any prepaid expenses for services are provided within a 12-month period ending before 1 July 2025, or the deductions will need to be claimed proportionately.
Information Required
To assist in preparing your income tax return, please provide the following documents to your accountant:
Income/Receipts:
Details of your employer(s) and wages
Lump sum and termination payments
Government pensions and allowances
Other pensions and/or annuities
Allowances (e.g., entertainment, car, tools)
Interest, rent, and dividends
Distributions from partnerships or trusts
Details of any assets sold that were either used for income-earning purposes or which may be liable for capital gains tax (CGT)
Other income (e.g., foreign income)
Expenses/Deductions (in addition to those mentioned above):
Award transport allowance claims
Bank charges on income-earning accounts
Bridge/road tolls (if traveling for work)
Car parking (if traveling for work)
Conventions, conferences, and seminars
COVID-19 testing costs for work purposes
Depreciation of library, tools, business equipment (including a portion of home computer)
Gifts or donations
Home office running expenses (cleaning, cooling, lighting, heating, depreciation of office furniture, telephone, and internet)
Interest and dividend deductions (account keeping fees, ongoing management fees, interest on borrowings to buy shares, advice relating to changing investments)
Interest on loans to purchase equipment or income-earning investments
Motor vehicle expenses (if work-related)
Overtime meal expenses
Rental property expenses (advertising expenses, council and water rates, insurance, interest, land tax, property management fees, genuine repairs and maintenance, telephone expenses)
Superannuation contributions
Sun protection items
Tax agent fees
Telephone expenses (if work-related)
Tools of trade
Final Thoughts
Preparing your tax return doesn’t have to be overwhelming. By following this checklist, you can ensure you have all the necessary documentation ready for your appointment with your accountant. At Thriving Wealth, we’re here to help you our clients every step of the way. Contact us if you have any questions or need further assistance.