Personal Income Information
Salary / Wage Earner
Investments - Capital Gains Schedule
Include name of asset, date of purchase (date the contract was signed), costs of purchase (purchase price, legal expenses, stamp duty etc.), details of any additions to that investment (additional costs incurred), date of sale (date the contract was signed), sale proceeds and selling costs (include legal expenses, advertising etc.).
Your capital gain or loss for an asset is usually the selling price less the original cost and certain other costs associated with acquiring, holding and disposing of the asset.
Investments - Rental Property Schedule
Rental Property Number 1 - Income
Rental Property Number 1 - Deductions
Rental Property Number 2 - Income
Rental Property Number 2 - Deductions
Rental Property Number 3 - Income
Rental Property Number 3 - Deductions
Rental Property Number 4 - Income
Rental Property Number 4 - Deductions
Overseas Income
Please include details of the income and related expenditure, details of any tax paid on the foreign income, details about where income deposited, (e.g., in foreign bank account?), details about whether this income remitted back to you in Australia.
Interest, dividend and other investment income deductions
Work-related tax deductions
To claim a deduction for a work-related expense, you must meet the 3 golden rules:
You must have spent the money yourself and weren't reimbursed.
The expenses must directly relate to earning your income.
You must have a record to prove it (usually a receipt).
Motor vehicle and car expensesYou can claim a deduction for work-related car expenses if you use your own car to:
Perform your work duties – for example, if you travel from your regular place of work to meet with a client
Attend work-related conferences or meetings away from your regular place of work
Deliver items or collect supplies
Travel between 2 or more separate places of employment, but not if one of the places is your home – for example, when you have more than one job
Travel from your regular place of work to an alternative place of work (that isn't a regular place of work) and back to your regular place of work or home
Travel from your regular place of work or your home to an alternative place of work that is not a regular place of work – for example, a client’s premises
Whether your vehicle is a car or other vehicle, you generally can't claim the cost of expenses you incur for travel between your home and your regular place of work.
Your regular place of work is the normal or usual place where you start and finish your work duties.
Documents may include: diary/records of kilometres travelled for business and personal use, receipts for fuel, oil, repairs, servicing and insurance cover, loan or lease documents, tax invoices, registration papers
Along with your logbook, documents may include: details of the kilometres travelled for business and private use, receipts for fuel, oil, repairs, servicing and insurance cover, loan or lease documents, tax invoices, registration papers
Travel expensesYou can claim a deduction for work-related car expenses if you use your own car to:
Travel expenses are the expenses you incur when you travel and stay away from home overnight in the course of performing your work duties. They include:
the cost of staying in a hotel, motel or similar accommodation (accommodation expenses)
meal (food and drink) expenses
expenses which are incidental to your overnight travel
expenses you incur for quarantine and testing when you travel on work
You may need to keep specific records for your travel, accommodation and incidental expenses, such as a travel diary. That is, unless travel allowance record keeping exceptions apply.
For more information visit:
https://www.ato.gov.au/Individuals/Income-and-deductions/Deductions-you-can-claim/Transport-and-travel-expenses/
You can claim transport and travel expenses you incur when you travel in the course of performing your work duties.
Supporting documents may include: a travel diary, itemised receipts, bank statements, credit card statements
Clothing, laundry and dry cleaningYou can't claim a deduction if your employer:
- Buys, repairs, replaces or cleans your work clothing
- Reimburses you for expenses you incur on or for work clothing
You also can’t claim a deduction for buying, hiring, repairing or cleaning conventional clothing you buy for work, such as black trousers.
'Conventional clothing’ is everyday clothing worn by people regardless of their occupation – for example, business attire worn by office workers or jeans or drill shirts worn by tradespeople.
For more information visit: https://www.ato.gov.au/Individuals/Income-and-deductions/Deductions-you-can-claim/Clothing,-laundry-and-dry-cleaning-expenses/
You can claim expenses associated with buying, repairing or laundering occupation-specific, protective clothing and distinctive uniforms.
Self-education expensesYou can't claim a deduction if your employer:
- Buys, repairs, replaces or cleans your work clothing
- Reimburses you for expenses you incur on or for work clothing
You also can’t claim a deduction for buying, hiring, repairing or cleaning conventional clothing you buy for work, such as black trousers.
'Conventional clothing’ is everyday clothing worn by people regardless of their occupation – for example, business attire worn by office workers or jeans or drill shirts worn by tradespeople.
For more information visit: https://www.ato.gov.au/Individuals/Income-and-deductions/Deductions-you-can-claim/Clothing,-laundry-and-dry-cleaning-expenses/
You can claim a deduction for self-education and study expenses if the education relates to your employment activities.
Home Office Expenses
E.g. utility bills, receipts for stationary, computer consumables
COVID-19 Test Expenses
From 1 July 2021, if you're an employee, sole-trader or contractor and you pay for a COVID-19 test for a work-related purpose, you can claim a deduction for its cost.
Phone, data and internet expenses
You can claim costs you incur to use your phone, data or internet for work purposes where you have records to support your claims.
Work-related tools and equipment
You can claim a deduction for tools, equipment and other assets if you use them to perform your work duties. The type of deduction you can claim depends on the cost of the asset.
Union fees and subscriptionsDid you know you can also claim up to $42 per income year for the cost of each subscription you incur for membership of a trade, business or professional association where it's not in direct relation to earning your employment income?
For the industry you work in, you can claim a deduction for: union fees, subscriptions to trade, business or professional associations.
Cost of managing tax affairsYou generally incur the fees in the income year you pay them, for example, the fee you incur for the preparation of this current tax return will be received in the 2023 tax year and therefore claimed in your 2023 tax return
You can claim a deduction for expenses you incur in managing your own tax affairs, such as the cost to lodge through a registered agent.
Documents may include: receipt for previous financial year's tax return preparation, invoice for getting tax advice from a recognised tax adviser, receipts for tax reference material
Gifts and donationsA deductible gift recipient (DGR) is an organisation or fund that registers to receive tax deductible gifts or donations.
Not all charities are DGRs. For example, in recent times crowdfunding campaigns have become a popular way to raise money for charitable causes. However, many of these crowdfunding websites are not run by DGRs. Donations to these campaigns and platforms aren't deductible.
For more information visit:
https://www.ato.gov.au/Individuals/Income-and-deductions/Deductions-you-can-claim/Other-deductions/Gifts-and-donations/
You can only claim a tax deduction for gifts or donations to organisations that have the status of deductible gift recipients (DGRs).
Documents may include: receipts for donations or contributions, a signed letter from the eligible organisation confirming the amount of your donation or contribution.
Income protection insuranceYou can't claim a deduction if the policy:
you take out is through your superannuation fund and the premiums are deducted from your contributions
pays you a capital sum to compensate you for injury.
For example, you can't claim a deduction for:
life insurance premiums
trauma insurance premiums
critical care insurance premiums.
Not all charities are DGRs. For example, in recent times crowdfunding campaigns have become a popular way to raise money for charitable causes. However, many of these crowdfunding websites are not run by DGRs. Donations to these campaigns and platforms aren't deductible.
For more information visit:
https://www.ato.gov.au/Individuals/Income-and-deductions/Deductions-you-can-claim/Other-deductions/Gifts-and-donations/
You can claim a deduction for the cost of premiums you pay for insurance against the loss of your employment income. Only the premiums you pay to protect your income are deductible. This is known as income protection of continuing salary cover.
Other deductionsYou can't claim a deduction if the policy:
you take out is through your superannuation fund and the premiums are deducted from your contributions
pays you a capital sum to compensate you for injury.
For example, you can't claim a deduction for:
life insurance premiums
trauma insurance premiums
critical care insurance premiums.
Not all charities are DGRs. For example, in recent times crowdfunding campaigns have become a popular way to raise money for charitable causes. However, many of these crowdfunding websites are not run by DGRs. Donations to these campaigns and platforms aren't deductible.
For more information visit:
https://www.ato.gov.au/Individuals/Income-and-deductions/Deductions-you-can-claim/Other-deductions/Gifts-and-donations/