accounting resources for individuals and businesses

Individual Tax Tips

Here at Advantage Accountants (SA) we believe the best Tax Tip for individuals, is to be prepared! So many people don’t find out what information and records they should be keeping to facilitate a quicker and more accurate Tax Return. We always recommend you review the Check List as outlined below and if you have any queries or want to know more about what information and records you should be keeping, please contact our Office.

Collate all of your documentation and have it ready with you for your Tax Appointment. Our friendly staff will be able to review all of the documentation with you and advise you on what is applicable and what is not. If there is anything missing we can give you a list so you don’t miss out.

Individual Tax Time Check List

  • Provide all your Payment Summaries (Group Certificates) from ALL of your employers throughout the Financial Year, 1st July to 30th June.
  • Centrelink benefits such as New Start, Parenting Payment, Sickness Benefit etc, must be declared. Provide your Centrelink Summaries to avoid any delays in your return being processed. Supply us with your Medicare Number and we can check this online for you.
  • Check you Bank Statements (especially at the end of June) so you can declare your Bank Interest earned from all accounts for the Financial Year.
  • Your Dividend Notices must be provided so we know how many shares you own. If you have a Dividend Reinvestment Plan/Employee Share Scheme the statements are very important this year and in the future.
  • Details of other income like Rental Income, Business Income (and related expenses) or other Contractor income under an ABN.
  • Any Eligible Termination Payment Summaries you have received throughout the Financial Year for withdrawals from Superannuation Funds or on a Retirement or Redundancy situations, need to be provided as well.

If you have any further queries regarding Individual Taxation, please contact our Office.

↑ Back to top