Preparing for Income Tax Returns

Tax time can be stressful, but if you take the time to prepare, have a good financial controller, thorough bookkeeping and a reliable accountant then there is no reason why it won’t be smooth sailing. When preparing to visit their tax accountant at tax time, clients often wonder what documents are important to bring with them. A good way to prepare for your accountant visit is to review your previous years tax forms. This will remind you of the categories of income, tax-offsets and deductions which are relevant to your particular situation.

Bookkeeping in Perth

Remember you will need to be able to produce receipts for all work related deductions, with a few exceptions. For individuals if the total amount claimed as work expenses is less than 300 dollars then receipts will not be required to be kept. Home office expenses are also exempt from requiring receipts, however a log of hours spent in the office should be kept. The same goes for motor vehicles when using a standard set rate of usage If in doubt contact your tax accountant to clarify the details of proof you will be required to produce. You will also need proof of any investment related expenses including account keeping fees and management fees.

Upon your first visit to a new tax accountant, bookkeeper or financial controller you will need to bring documentation of all income. This includes payment summaries from an employer, pensions or benefits, lump sum payments, details of assets sold, any interest accrued or dividends paid, and any other employment or investment related income. If in doubt about the relevance of any documentation your tax accountant will be able to inform you if it is required.

Tax Accountants in Perth

You will also need to provide your basic information including contact details, Bank Account details for your refund (BSB, Account Number and Account Name), Remote zone allowance (if you lived in a remote area), private health cover statement, medical expense details, spouse details, date of birth, dependent details, date of birth and separate net income as well as any other information that you may consider relevant.

Choosing a tax accountant is an important decision. You need to have a reliable and knowledgeable accountant working for you to ensure you receive the best income return. In the Perth area, Accolade Accounting can cover all your accountancy and bookkeeping needs. If you are seeking a Tax accountant in Perth, or require any other Perth based accountancy services, visit our website  www.accoladeaccounting.com.au