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July 1st has come around and you have suddenly realized it's time to get your hands on some of that tax which has been deducted from your pay slips all year.
First of all make sure your tax accountant is registered with the tax practitioners board by looking them up here.
Once you are satisfied that your accountant is registered you will need to provide them with the following information:
- Name
- Date of Birth
- Tax file number
This will allow them to add you to their tax portal and access the rest of your personal information along with your previous tax dealings.
If any of your personal details have changed from last year, you will have to let your tax agent know. If they are the same as last year you can leave it be.
Make sure you alert your tax agent immediately if any of these details have changed from last tax year:
- Bank account details
- Address
- Name
- Phone number
• Income. Your income is automatically reported to the ATO by your employer through ‘Income statements’ which were previously known as ‘Group certificates’ no need to do anything else on your end here.
• Expenses. You will need to gather all your expenses related to work such as equipment, travel meals and motor vehicle expenses (if you use a logbook).
• Work from home hours. Your accountant will need to know how many hours your worked from home to calculate a deduction for WFH expenses, which can be
calculated in 3 different ways.
• Home office related costs. Provide your accountant with your electricity, gas, rent and water expenses from your home along with any expenses relating to home office furniture or stationery for the period. These may be needed by your accountant if you worked from home during the period and are not looking to use the shortcut WFH method.
• Km’s travelled in your car for work purposes. This can be from home to changing or various worksites or from one worksite to another. You can’t get a deduction for travelling from home to a usual place of work and back.
• Details of any capital gains tax events such as purchases and sale of property, shares or crypto.
Along with providing your personal details such as your tax file number, date of birth and name so your tax agent can add you to their tax portal, you will also have to provide them with:
• Income. separated into regular business income and government grants such as job keeper.
• Expenses. All business related expenses, you can provide your accountant with a summarized list, however you should have copies of receipts held either physically or electronically.
• Dollar value of stock levels held at 30-June-2021
• Capital purchases such as cars or equipment.
• Km's travelled. Calculate how many KM's you travelled for the financial year in relation to running your business.
• Details of any capital gains tax events such as purchases and sale of property, shares or crypto.
The best way to keep track of these transactions and more is by getting set up on an SBR enabled accounting software such as Quickbooks or Xero.
CTK Accounting is a full scope accounting firm based in Wollongong, NSW. For help regarding taxes and bookkeeping visit us at: https://www.ctkaccounting.com.au/
