Quick & Basic Tax Time Check List

It’s time to prepare for tax. Numbers Talk – an accounting firm in Melbourne explains quick and basic tax time check list.
It is easier to lodge your tax return when you have everything ready as per the checklist. Be prepared this tax time; use our checklist to ensure you have everything you need.

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Checklist:
1. The basics
You will need to:
• Tax file number
• Bank details BSB and account number (to receive any refund that’s owed)
• For e-tax, you need your Medicare card/ number (if you wish to pre-fill your medical expenses)

2. Your income and expenses details
These could include:
• Detailed payment summaries from employers, super funds, Centrelink or Department of Veterans’ Affairs
• Banks, financial institutions statements screening interest received
• Required details of foreign pensions or other foreign income if any received
• Employment termination payment summaries
• Required receipts for gifts, donations, and work-related expenses
• Required child support payments made details.
You will need details of spouse income and expenses – complete the income test questions to ensure that we get your entitlements correct.

3. On Investments
If you have invested in shares, units, managed funds or other investments you need to make sure that you have details of:
• For Managed Funds ensure you have dividend payments and distributions details
• Any investment gains or losses from the transfer of shares, units, and properties on rent

4. Rental properties summaries
For a rental property, you need to showcase information:
• Income earned from rent
• If you have borrowed money, then the interested charged on money for your rental property
• Miscellaneous expenses related to your property. The cost includes any expenditure done on property or capital tasks.

The last Step Preparation for Lodge
• The first step is to an arrangement to pay debts and keep a check the process of previous year tax returns lodged.
• You need a myGov account and link it to the ATO
• If you have account, then just connect to ATO
• Use the account to manage tax, super affairs
• Update your personal details
• Keep track of your super affairs
You can also contact the accountants in Melbourne, CBD and ensure that you have done the tax process in a proper manner. Numbers Talks is an accounting firm service provider in Melbourne and the experts can help you to understand the entire process.