It is important that you retain documents where you have to evidence a receipt of income and expenditure that is relevant to you earning business income or employment. Income tax is assessed on profit be it business, sale of assets or wages and salary. Profit is the net income after all expenses
In the case of salary and wages you are often required to maintain qualifications or gain extra qualifications while still employed. The individual income tax return provides for this expenditure to be deducted from wages and salary before income tax is assessed. There are other items of expenditure the individual may incur whilst not related to their employment, the government has by legislation allowed to be deducted from total income (eg dontations).
Feel free to talk to us and we can advise on what you may be eligible to claim.
What to bring
The following is a basic list of what you should bring. Depending on your situation you may need to supply other documents as well:
- PAYG summary statement
- Interest notices (Eg. From bank accounts)
- Rental income and expenditure
- Evidence of expenses for employment (eg receipts)
- Tax deductible donations
- Medical expenses