What to Bring to a Tax Appointment: A Complete Checklist

July 16, 2024

Tax

Knowing exactly what to bring to a tax appointment can save you both time and stress, making the process smoother and more efficient.

Your preparation can impact the accuracy of your income tax return, the speed of lodging it, and even the size of your tax refund.

In this guide, we outline the key documents and information you need to have at your fingertips when meeting with your accountant or tax agent. From the basics like your tax file number (TFN) and PAYG Payment Summaries to more complex paperwork such as income statements from various income streams, expenses for deductions, tax offsets, superannuation contributions, and any relevant tax incentives.

Whether you’re self-employed, have multiple sources of income, or need to account for work-related expenses and tax deductions, we’ve got you covered.

Required Documents

To ensure a smooth tax return filing process, you’ll need to have several essential documents readily available. Here’s a comprehensive checklist of what you should bring to your tax appointment:

Personal Identification

Your tax file number (TFN)
Photo ID (driver’s license, passport, or government-issued ID)

Previous Year’s Tax Return

A copy of your previous year’s tax return can provide valuable context and help your accountant identify any changes in your financial situation.

Income Statements

Payment summaries or income statements from all employers, including details of salary, wages, allowances, bonuses, and any other compensation received.
Centrelink payment summaries, if applicable.
Bank statements or records of interest earned on savings accounts or investments.
Dividend statements for any shareholdings.
Records of rental income, if you own an investment property.

Receipts for Deductions

Work-related expenses, such as union fees, professional subscriptions, home office costs, and motor vehicle expenses.
Investment-related expenses, like property management fees, interest on investment loans, and financial advisor fees.
Receipts for any charitable donations or contributions made throughout the year.
Records of any income protection insurance premiums paid.
Receipts for self-education expenses related to your current employment.

Having these documents organized and readily available will not only streamline the process but also ensure that your tax return accurately reflects your financial situation, maximizing potential deductions and minimizing the risk of errors or omissions.

Income Documentation

To accurately report your income for tax purposes, you’ll need to gather documentation for various income sources. Here’s what you should bring to your tax appointment:

Wages and Salary

Income Statement or PAYG Payment Summary: Your employer will provide you with an income statement if they report through Single Touch Payroll (STP), or a PAYG payment summary if they don’t. These documents detail your salary, wages, allowances, tax withheld, and superannuation contributions for the financial year.
Bank statements: If you don’t have an income statement or payment summary, provide copies of your bank statements showing deposits from your employer.
Payslips: Copies of your payslips can also help verify your income and tax withheld.

Government Payments

Provide documentation for any taxable Australian Government allowances, pensions, or payments you received during the financial year, including details of any overpayments you have repaid.

Investment Income

Interest Income: Gather statements from financial institutions showing interest earned on your accounts, term deposits, and any interest from children’s accounts you operate.
Dividend Statements: Obtain dividend statements from Australian companies detailing dividends paid or distributions made to you during the income year, including those reinvested under a dividend reinvestment plan or received as bonus shares.

Business Income

If you operate a business, the documentation required depends on your business structure:

Sole Trader: Lodge an individual tax return, including a supplementary section for your business income and expenses.
Partnership: The partnership lodges a tax return reporting the net income, and you report your share of the partnership income on your individual tax return.
Trust: The trustee lodges a trust tax return, and you report any income received from the trust on your individual tax return.
Company: The company lodges a company tax return, separate from your personal income.

Remember, even if your business hasn’t earned any income, you still need to lodge a tax return if you carried on a business during the financial year.

Expense Documentation

To accurately claim deductions and maximize your tax refund, you’ll need to provide documentation for various expenses incurred throughout the financial year. Here’s what you should bring to your tax appointment:

Work-Related Expenses

Gather receipts or invoices for any work-related expenses, such as:
- Union fees
- Professional subscriptions
- Home office costs (e.g., internet, utilities, office supplies)
- Motor vehicle expenses (fuel, maintenance, insurance)
If your total work-related expenses exceed $300, you must have written evidence for all claims.
For specific expenses like vehicle usage, travel, clothing, and self-education, keep detailed records as required by the Australian Taxation Office (ATO).

Charity Donations

Collect receipts or written evidence for any donations made to deductible gift recipients (DGRs).
Donations of $2 or more are generally tax-deductible, but you’ll need a receipt for claims over $10.
If you made small cash donations (under $10) to bucket collections, you can claim a total deduction of up to $10 without receipts.

Insurance and Loan Deductions

Provide documentation for income protection insurance premiums paid during the financial year.
If you have an investment property loan, bring statements showing the interest component, as this is tax-deductible (principal repayments are not).
For other investment-related loans (e.g., margin loans), gather records of interest paid to claim deductions.

Rental Property Expenses

Collect receipts and invoices for expenses related to your rental property, such as:
- Property management fees
- Council rates
- Repairs and maintenance
- Insurance premiums
- Advertising for tenants
- Borrowing expenses
If you co-own the property, ensure expenses are apportioned according to your legal interest.
For expenses related to vacant land or personal use of the property, check the ATO guidelines for deductibility.

Remember, keeping accurate and complete records is crucial for substantiating your claims and ensuring a smooth tax return process.

Ready to take the stress out of tax season?

Now that you know what to bring, let us handle the rest on your behalf.

Our expert team provides comprehensive tax services for both individuals and businesses, ensuring you get the maximum refund you deserve while staying fully compliant.