July 2nd, 2014 by

2014 Tax Return Items to Consider

To maximise your deductions and ensure that your tax return is complete, please review the following items and advise your Accountant if any apply to you

Income

☐ Employment Income (salary / wages)

☐ Allowances / Tips / Director’s Fees

☐ Employer Lump Sum Payment

☐ Employment Termination Payment (ETP)

☐ Centrelink / Pension Income

☐ Annuities / Superannuation Lump Sum Payments

☐ Interest & TFN Credits

☐ Dividends / Imputation & TFN Credits

☐ Employee Share Schemes

☐ Partnership & Trust Distributions

☐ Business Income

☐ Capital Gains

☐ Foreign Income

☐ Rental Property Income

 

 Other Items to Consider

☐ HELP (Higher Education Loan Program) / HECS

☐ SFSS (Student Financial Supplement Scheme)

☐ Child Support Agency Liability

☐ Net Medical Expenses Offset

☐ Health Insurance

☐ PAYG Instalment Credits

☐ Other Offsets & Tax Credits

☐ Reportable Fringe Benefits amount

 

General Tax Deductions

☐ Work Related Motor Vehicle Expenses (LogBook may be required)

☐ Work Related Travel Expenses (Travel Diary may be required)

☐ Work Related Clothing & Laundry Expenses

☐ Work Related Self-Education Expenses

☐ Other Work Related Expenses (see below)

☐ Interest & Dividend Deductions

☐ Gifts & Donations

☐ Tax Related Expenses (Includes tax agent fees, and travel to tax appointment)

☐ Undeducted Purchase Price-Pension / Annuity

 

Specific Deductions

☐ Income Protection Insurance

☐ Union Fees

☐ Home Office Expenses

☐ Seminars / Courses / Conferences

☐ Overtime Meal Expenses

☐ Briefcase

☐ Tools & Equipment

☐ Depreciation on work-related assets

☐ Calculator / Electronic Organiser

☐ Computer Costs (includes repairs & printing costs)

☐ Software

☐ Memberships & Subscriptions

☐ Telephone / Mobile Phone / Internet

☐ Bank Fees (e.g. re: deductible purchases)

☐ Interest Expenses (e.g. re: deductible purchases)

☐ Sun Protection Items (e.g. sunscreens, safety, glasses, protective gloves)

☐ Reference Books / Journals / Trade Magazines

 

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