First published on www.heffernancrawford.com.au in 2001

Individual Tax Return Checklist

Common work-related claims made by individuals

The following outlines common types of deductible expenses claimed by individual taxpayers, such as employees, rental property owners, plus some strategies that can be adopted to increase deductions for the 2004 income year.

Depreciable plant costing $300 or less.

Salary and wage earners and rental property owners will be entitled to an immediate deduction if plant costing $300 or less is purchased before 1 July 2004.

Some purchases you might like to consider include:

• Answering machines
• Beepers and pages
• Books and trade journals
• Briefcases/luggage or suitcases
• Computers, calculators, electronic organisers
• Software
• Stationery
• Tools of trade.

Prepay work-related travel prior to the end of the income year, such as:

• Air, bus, ferry, jet cat, train, tram and taxi fares

Purchase or pay for work-related clothing expenses prior to the end of the income year, such as:

• Compulsory, non-compulsary (and registered), occupational specific and protective clothing; and
• Other expenses associated with work related clothing such as dry cleaning and laundry expenses.

Purchase the following self education items before the end of the income year;

• Course fees, student union fees, travel and tutorial fees;
• Interest on borrowings used to pay and any deductible self education expenses.

  Also bring forward purchases of stationery and text books (ie, those which are not subject to depreciation).

  Other work related expenses

  Prepay any of the following expenses prior to the 1 July 2004:

• Union fees
• Subscriptions to trade, professional or business associations
• Magazine and newspaper subscriptions
• Seminars and conferences
• Income protection insurance (excluding death and total/permanent disability)

  Information Required

  In any case, we will need you to bring information to assist us in preparing your income tax return. Please check the following and bring along PAYG Payment Summaries

• Government pensions and allowances
• Payment summaries for salary and wages
• Lump sum and termination payments
• Other pensions and/or annuities
• Allowances (eg, entertainment, car, etc)
• Interest, rent and dividends
• Distributions from partnerships or trusts
• Details of any assets sold that were either used for income earning or may be caught for capital gains tax.

  Check list of other possible deductions you may be entitled to:

• Award transport allowance claims
• Bank and government charges on deposits of income, and deductible expenditure
• Bridge/road tolls (travelling in business)
• Car parking (when travelling on business)
• Conventions, conferences and seminars
• Depreciation of library, tools, business equipment, including portion of home computer
• Gifts or donations
• Home office running expenses

• Cleaning
• Cooling
• Heating
• Lighting
• Telephone

• Interest and dividend deductions

• Account keeping fees
• Ongoing management fees
• Interest on borrowings to acquire shares
• Advice relating to changing investments (but not setting them up);

• Interest on loans on equipment or income earning investments
• Overtime meal allowances
• Property expenses including:

• Advertising expenses
• Council/water rates
• Insurance
• Interest
• Land tax
• Legal expenses/management fees
• Repairs and maintenance
• Telephone expenses
• Travelling to inspect property

• Superannuation contributions by sole traders/substantially unsupported taxpayers
• Tax agent fees
• Telephone expenses (business)
• Tools of trade