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The financial year ended 30 June 2016 has come and gone. Now it is time to start preparing for your compliance obligations. Below is a list of information for Individuals to help in preparation of their 2016 Income Tax Return by their Registered Tax Agent.


PAYG payment summaries (eg from employers)  
Lump sum payments (eg employment termination payment)  
Partnership distribution statement, and a copy of partnership’s tax return   
Trust distribution statement, and a copy of trust’s tax return  
Documentation regarding foreign source income, foreign assets or property  
Bank statements stating interest earned, including for term deposits  
Dividend statements  
Employee share scheme statements  
Managed fund annual tax statement and capital gains tax statement  
Buy/sell contract notes for shares (if any shares were sold)  

Work-related Deductions  

Details of depreciable assets bought during the year (eg laptops)  
Details and receipts for home office expenses   
Professional journals/trade magazines  
Professional memberships/subscriptions  
Receipts for continuing professional development courses and seminars   
Receipts for self-education expenses   
Receipts for other work-related deductions such as protective clothing, uniform expenses, tools and equipment, and travel
Vehicle logbook for motor vehicle expenses (if using the logbook method)  

Other Deductions  

Receipts for donations of $2 and over to registered charities  
Expenditure incurred in managing tax affairs (eg tax agent’s fees)  
Expenditure incurred in earning interest, dividend and other investment income (eg investment advice fees) 
Income protection insurance premiums  
Rental Properties   Date when property was purchased, including details of co-ownership if applicable
Period property was rented out during the income year  
Records detailing rental income (annual statement from property agent, if engaging services of an agent)
Loan statements for property showing interest paid for the income year  
Expenses incurred such as water charges, land tax and insurance premiums  
Details of depreciable assets bought or disposed of during the year  
Details of any capital works on the property  
If the property was disposed of during the income year, information relating to dates and costs associated with the disposal of the property


Details of any superannuation contributions for spouse   
Details of eligible medical expenses where the total exceeds $2,265 (after Medicare and private health fund rebates) for singles with a ATI less than $90,000 and ATI less than $180,000 for a couple or family (the couple / family threshold increases by $1,500 for each dependent child after the first). For ATI above the thresholds the eligible medical expenses total needs to exceed $5,343   
Details of dependents, including their age, occupation and income  
Private health insurance statement (and details of prepaid premiums)  

If Operating As a Sole Trader  

Cashbook, which includes records of drawings taken before the business takings were banked
Copies of Business Activity Statements lodged  
Copies of PAYG summaries for employees  
Details of any government grants, rebates or payments received  
Details of superannuation contributions for employees  
Details of any assets purchased, including date of purchase and amount   
Payments of salaries and superannuation to associates   
Records from accounting software (eg trial balance, profit and loss (P&L) and balance sheet)  
Statements of all liabilities of the business  
Notice of superannuation contributions for self-employed persons  

Other Information  

Copies of Instalment Activity Statements lodged  
Any other information that you think is relevant

This article is not a substitute for independent professional advice. We do not warrant the accuracy, completeness or adequacy of the information or material in this article. All information is subject to change without notice. We and each party providing material displayed in this article disclaim liability to all persons or organisations in relation to any action(s) taken on the basis of currency or accuracy of the information or material, or any loss or damage suffered in connection with that information or material. You should make your own enquiries before entering into any transaction on the basis of the information or material in this article. Please ensure you contact us to discuss your particular circumstances and how the information provided applies to your situation.