When to lodge your 2021 tax return
Your employer has until 31 July 2021 to finalise your end of year Payment Summary. You can check your myGov account to see if your 2021 Payment Summary is available.
Please note that if your tax return is lodged before your employer has finalised your Payment Summary, your employer may change it and then the ATO would have to amend your Tax Return.
Therefore, it is recommended that you wait until after 31 July 2021 to lodge your Tax Return.
The information you need to prepare
Here is a summary of the information we need to prepare your 2021 Tax Return. Not all of these items may be relevant to you, and after we meet, we may discover additional items that we need to request from you.
Timeframe: 1 July 2020 to 30 June 2021
- Payment Summary from your employers
- Bank interest details
- Dividend Statements
- Capital Gains – sale of shares, sale of property, etc
- Distribution statements from Trusts, Partnerships, Managed Funds, Investments
- Foreign Income
- Motor vehicle expenses for business use – logbook required
- Home office expenses – We need an estimate of how many hours you worked from home during COVID-19 lockdowns or working from home arrangements
- Mobile phone and internet costs
- Tools and equipment
- Computer expenses
- Work uniforms and clothing expenses
- Travel and accommodation costs for work related travel
- Courses, training and professional development costs
- Income Protection Insurance premiums paid
INVESTMENT PROPERTY OWNER
- Rental Statement from your agent – 12 month summary
- Depreciation Report
- Loan Statements for Interest
- Listing of other property expenses, including date paid, payee, amount and what the expense was for
Links to more information about specific deductions
It’s our job as your accountants to make the lodgement of your Tax Returns as easy and simple as possible.
We do this every day, so we know all the ins and outs of what to claim to make it easy for you.
If you want to have a look at some of the specific deductions you can claim, here are links to the ATO website:
- Clothing, laundry and dry-cleaning expenses
- Gifts and donations
- Home office expenses
- Interest, dividend and other investment income deductions
- Self-education expenses
- Tools, equipment and other equipment
- Vehicle and travel expenses – including travel between work and home
- Other work-related deductions – including phone, internet, seminars etc.
- Other deductions
To make an appointment with our KMT accountant to discuss and prepare your 2021 Tax Return, please send us an email now at firstname.lastname@example.org or contact our office 08 8431 0022 now!
Learn more about our tax services HERE
What home office expenses can you claim?
You may be able to claim a deduction for the costs you incur in running your home office, even if the room is not set aside solely for work-related purposes… Learn more