Latest Accounting News
Hot Issues
Part 1 – Budget reminders. Under the Hood.
Part 2 – Budget reminders. Under the Hood.
Part 3 – Budget reminders. Under the Hood.
Comprehensive list of COVID-19 initiatives and packages.
Businesses not meeting obligations warned as ATO restarts compliance programs
Employers cautioned over ‘hard and fast’ decline in turnover eligibility
‘Follow the spirt of the law’, warns ATO
$120m in JobKeeper clawed back by ATO, new compliance areas highlighted
Budget 2020 - A very comprehensive break down.
Budget 2020 - Fact Sheets
Budget 2020 - At a Glance, Overview, Outlook
Temporary home office expenses shortcut extended again
JobKeeper extension – changes implemented
JobKeeper Participants – are “workers”
Commissioner registers updated JobKeeper alternative tests
Varying Pay As You Go (PAYG) Instalments
Reminder of Medicare Levy Surcharge (MLS)
September update of latest COVID-19 initiatives.
ATO JobKeeper 2.0 guidance surfaces
Expats Return to Australia – Travel Expenses
Profession to be relied on for post-JobKeeper turnover certificates
Update of Superannuation contribution rules from July 1, 2020
Expats & COVID-19 Impacts on tax residency
Economic recovery could be slower than anticipated: RBA
High Court rules in favour of employers on personal leave accruals
Articles archive
Quarter 3 July - September 2020
Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
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 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