Questions On Income And Expenses

1916 Words Aug 24th, 2015 8 Pages
1)When completing your tax return, you 're entitled to claim deductions for some expenses, most of which are directly related to your job industry
To claim a work-related deduction:

you must have spent the money yourself you must have a record to prove it it must be related to your job
If the expense was for both work and private purposes, you can only claim a deduction for the work-related portion.

The basics
You will need your: tax file number bank details (BSB and account number) to receive any refund owed
For e-tax, you will need your Medicare card or number, if you wish to pre-fill your medical expenses.

Details of your income and expenses
These could include: details from payment summaries from employers, super funds, Centrelink or Department of Veterans’ Affairs statements from banks and financial institutions showing interest received details of foreign pensions or other foreign income received employment termination payment summaries receipts for gifts, donations and work-related expenses details of any child support payments made.

If you have a spouse, you will need details of their income and expenses – complete the income test questions to ensure we get your entitlements right.

Investments if you have any shares, units , managed funds or any other investments you will need details of: dividend payments and distributions from managed funds any investment gains or losses from the disposal of shares, units and rental properties.

Rental properties
If you own…
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