Tax Returns
At Thompson and Wallace Partners, we understand that tax time can be a stressful period for many people. We also know that there are a lot of different ways to save on taxes and get the most money back.
That’s why we offer a compilation and lodgement service for tax returns. We will work with you to make sure that all the relevant information is included and that you are taking advantage of every opportunity to save on taxes.
With our help, you can be confident that you are getting the most money back from your tax return. Contact us today to learn more about our services.
What’s a Tax Return?
A tax return is a document that is filed with the Australian Taxation Office (ATO) each year, detailing an individual’s or business’s income and tax payable for the financial year. The tax return must be lodged by the due date, which is usually the end of October.
Individuals must complete a tax return if they earn income from sources such as wages, interest, dividends, rent, capital gains or government payments. Businesses must lodge a tax return if they have conducted any business activity during the financial year.
The ATO uses the information provided in tax returns to calculate an individual’s or business’s tax liability. This includes calculating any tax refunds or tax debts that may be owing. Tax refunds are generally paid into an individual’s bank account within a few weeks of lodgement, while tax debts must be paid by the due date.
Getting Your Paperwork Ready
Note all the following will not apply to everyone and the below is purely a guide.
Copy of last year’s tax return
Records of sales and purchases of any shares, business or property
Private health insurance details
Spouse details
Children details including D.O.B
Income
Income statements for any jobs you have had over the last year
Bank interest statements
Superannuation lump sump payments
Allowances (car, meals, entertainment, travel, etc.)
Employee share schemes
Dividend statements
Foreign income
Rental property income
Business income
Other income earned
Work Related Expenses
Motor Vehicle with logbook
Travel (fares and accommodation)
Uniforms
Self Education
Union fees, registrations, subscriptions, memberships
Home office costs
Phone, Internet, IT Costs/Fees
Other Expenses
Income Protection Insurance
Details of any asset purchases
Investment expenses (bank fees, financial/accountant advisor fees, borrowings, etc.)
Rental property expenses (rates, body corporate, agent fees, repairs, loan interest, etc.)
Cost of managing tax affairs
