Documents Required To Lodge Tax Return in Australia

December 22, 2020    Taxagent Perth

Filing tax returns is a serious task that you have to learn more about. When it’s almost time for you to look back, when you realise that the days of your retirement are approaching, you know you have to accumulate all that remains. It is indeed a time consuming task to lodge tax return appeal given the copious amount of time you have to invest in paper works, submission, and all the formalities. But with the help and guidance of a Registered Tax Agent, this task can be simplified. It has also become a little hectic because many tax agents in Perth extend their service to your households. This means you don’t have to go to the tax office to do the job but the stipulated officials will come to you for collecting all the necessary documents required to finish your tax return task!

First things first, let us provide you a detailed information on the documents that are required to finish this process.

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Your Basic Information

You need to provide your name, address, Bank Account where the refund that you owe is to be transferred, a BSB number to locate the bank branch of your account according to the owner i.e. your name and your tax file number.

Details Of Your Income And Amount Of Expense

This section is to be carefully read. Your tax agent needs all the necessary details of your business for conducting Personal Tax Return. So, you need the following:

  • All the details about payment that you received from your employers, allocated super funds upon your retirement, Centrelink Master Program or the DVA aka Department Of Veterans’ Affairs.
  • The summary about the amount of termination payment of your employment.
  • Statements of the interest received from banks, post office or any other financial resource.
  • If you have received any kind of foreign pension or income, you have to produce the necessary receipt.
  • Any previous donations, investments you have made or any office related expense you had need to be produced with a verified receipt.
  • Payments made on the favour of child support scheme.
  • Details of the spouse, if any. This is done to verify whether you are not paying an extra tax than required. Details of the financial status of the spouse is also kept on record with the aid of these likely documents.

Record of Any Investments That You Made

Most of the business make some kind of investment in a small or grand scale for different future plans. If there are any investments that you have made with the aid of managed funds, details about the payment of dividends and the successive distributions are to be required, besides the details of any profits and losses made.

If you own shares, managed funds, units, you have to provide payment details of dividend and distributions to your tax agent. And, details of profits or loss made from shareholding or other investments.

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Personal Investments Made In Rental Properties

You must have had one or more rental properties as a part of your future planning. Often, people utilise their bought homes or lands by renting them to others as a means of earning some extra cash. So, you need to provide details of your income coming from tenants is required along with property investment values. Details of

  • Income from rents
  • Interest charged on loans for this property
  • Any expense made for the property like damage repair, reconstruction etc. Insurance also counts.

These are the questions and documents that will be asked from you precisely. Once you finish the paperwork related formalities, a tax agent will contact you from the company you consulted to help you lodge a tax return.

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