Latest Accounting News
Hot Issues
Housing tax measures progress to Parliament
AirBnb – wrong tax outcome?
Are young investors wasting their youth?
ATO sending 'more letters than ever' on income tax errors
Powerful Budgeting, cash flow and Super Tools available on our site.
Property, unit trusts in ATO's sights
Australian Dietary Guidelines and healthy eating chart (PDF)
Major Bank Levy Passed
NSW tops list as ATO reveals billions in lost super
Australia's leading causes of death - ABS
How is your super going, ready for retirement?
ATO increasing data exchange with international regulators
Illegal SMSF early access scheme leads to $6,000 fine
Our 'hardest' SMSF tasks
Uber drivers hit for 10% tax
Lack of literacy promotes unrealistic goals
Taxpayer failed to prove that payments were “loans”
New STP dates confirmed as ATO goes on compliance blitz
ATO flags compliance project for FY17/18
Items that heat up your depreciation deductions
Doing a budget is a good idea but ....
Government ‘undermines’ tax system in new moves on property expenses
Taxpayer denied deduction for work expenses of $60,000
Overtime meal expenses disallowed because no allowance received
Key Economic Indicators, 2017
Government to shut down salary sacrifice loophole
Crowdfunding legislation gets greenlight
Articles archive
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 3 July - September 2014
Quarter 2 April - June 2014
Quarter 1 January - March 2014
Quarter 4 October - December 2013
Quarter 3 July - September 2013
Quarter 2 April - June 2013
Quarter 1 January - March 2013
Quarter 4 October - December 2012
Quarter 3 July - September 2012
Quarter 2 April - June 2012
Quarter 1 January - March 2012
Quarter 4 October - December 2011
Quarter 3 July - September 2011
Quarter 2 April - June 2011
Quarter 1 January - March 2011
Quarter 4 October - December 2010
Quarter 3 July - September 2010
Quarter 2 April - June 2010
Quarter 1 January - March 2010
Quarter 4 October - December 2009
Quarter 3 July - September 2009
Quarter 2 April - June 2009
Quarter 1 January - March 2009
Quarter 4 October - December 2008
Quarter 3 July - September 2008
Quarter 2 April - June 2008
Quarter 1 January - March 2008
Quarter 2 April - June 2007
Quarter 2 April - June 2006
Quarter 2 April - June 2004
Quarter 1 January - March 2004
Quarter 4 October - December 2003
Quarter 3 July - September 2003
Quarter 2 April - June 2003
Quarter 1 January - March 2003
Quarter 4 October - December 2002
Quarter 3 July - September 2002
Quarter 2 April - June 2002
Quarter 1 January - March 2002
Quarter 4 October - December 2001
Quarter 3 July - September 2001
Quarter 2 April - June 2001
Quarter 2 of 2007
Articles
2007 Tax Return Checklist - Individuals
2007 Tax return Checklist - Companies, Partnerships, Trusts and Other Businesses
The Budget 2007 - 2008
2007 Tax Return Checklist - Individuals
.

2007 - Individual Tax Returns

Income

  • Gross salary, wages, allowances, benefits, earnings, tips and director's fees
  • Income from business activities
  • PAYG payment summary amounts
  • Any non-cash benefits received
  • Lump sum and termination payments [All documentation should be provided, including an ETP payment summary from the employer or fund]
  • Government social security payments, including pensions, unemployment and sickness benefits
  • Capital gains from CGT asset sales (e.g. shares and real estate) [Information relating to dates and costs associated with acquisition and disposal will be required to determine the capital gain (if any). Remember that individuals, companies, trusts and superannuation funds can save tax if they qualify for the various CGT concessions]
  • Annuities, including allocated pensions
  • Income from trusts and partnerships [Statements of distribution should be provided]
  • Rental income eg: Summary from estate agent and period the property was available for rental
  • Interest and dividends (franked or unfranked) including any tax deducted [Dividend distribution statement will be required to confirm the dividend received]
  • All papers regarding buy back of public shares e.g. Coles Myer
  • Foreign source (employment and pension) income [Details of any foreign tax paid will be required]
  • Personal services income [Individual contractors who operate through a company or trust can potentially be taxed personally on the income instead of income being taxed at the company or trust level]

Deductions

  • Investment and property expenses [Carefully detail interest claims]
  • Professional subscriptions (not including sporting or social clubs)
  • Expenditure records related to a taxpayer's employment, such as work-related motor vehicles, self-education, protective clothing, uniform expenses and home office expenses
  • Donations of $2 and over, depending on the recipient
  • Superannuation contributions made by self-employed persons and those without employer superannuation support
  • Tax agent's fees and other accounting and tax audit fees associated with managing tax affairs
  • Special deductions (e.g. Australian films, investment shelters and forestry-type schemes)
  • Bank fees (where the credit or deposit represents assessable income)
  • Un-recouped prior year losses
  • Non-commercial losses [Individuals must satisfy one of four tests to offset losses from certain non-commercial business activities against other income. A prime example is an employee who seeks to offset hobby-type farming or other business losses against salary or investment income]
  • Sickness and accident insurance premiums, provided the premium incurred is against the loss of income

Rebates

  • Details of private health insurance, unless the premium is net of the rebate [Statement from health insurance provider will be required to determine entitlement to rebate]
  • Details of superannuation contributions where no tax deduction can be claimed (maximum rebate of $540 for $3,000 superannuation spouse contribution)
  • Any changes in dependants [Income of spouse will be required]
  • Details of any income received in a lump sum which was accrued in earlier income years (e.g. assessable pensions)
  • Details of medical expenses where the total exceeds $1,500 [Tax offset of 20% available]
  • Superannuation co-contri­butions for contributions made by eligible employees [Assessable income must be less than $58,000]
  • All taxpayers with a dependent child (under 21) or full time dependent student (under 25) should provide full names and dates of birth - Family Tax Benefit might be relevant
  • Cost of child care since 1st July 2005 from an appropriate supplier and the name of the primary carer registered with Family Assistance Office

 

 

 



18th-June-2007