What Should Be Done To Bring Up Tax Appointment?

by Stuart Iles Partners Tax Consulting
Tax agents are the trusted professionals to consult while setting up an appointment with the ATO.  ATO needs the details on which the tax agents can guide you.

The Australian Taxation Office goes on to access great deal information about your business finances in every financial year. It might be confusing as to the information you have to bring up to the ATO for completing your tax return.
Under such circumstances, here are a few information put together to point out the requirements, as needed by the ATO. Thus, you can know in detail and bring along the right requisites when you go for an appointment with the ATO.
So, this article will serve you as a guide when you are ready for your appointment with ATO. Make sure, you have even taken the guidance of the Tax Agents when the major area of concern is taxation.  In Hobart, the business owners follow the smart step by resorting to the assistance and guidance of the tax agents.

Summaries Of PAYG Payment

ATO receives the summarised information of PAYG statement, once the employer has finalized the annual Income Statement with ATO. Remember, ATO cannot complete the tax return for the business until the employer has done it. Thus, it is crucial for the entire business team to follow the advice of the tax agents and make sure all the information is rightly available before you contact ATO for an appointment. 

The Insurance Policies Like The Income Protection Premiums As Well As Private Health

Once your annual statement details are processed by your private health insurer, this information is necessary for the ATO.  It is the form of insurance retained by the ATO channels, so if you are having any additional policies directly related to your business activity, then make sure to check them with the appointed tax agent for the benefit of your Hobart based business, by providing them with your annual premiums and policies.

Investments Like Self-Managed Superannuation Fund Statements

ATO needs all your records related to your investments from the beginning till the end of the financial year along with the buys, sells and the received incomes.

Intent Notice for Claiming Personal Superannuation Contributions

Your super fund must complete and acknowledge claiming your personal contributions before you submit your tax returns. Discuss it in detail and bring up all the relevant documents about your personal superannuation super contributions at the time of your appointment.

Invoices And Receipts For Business-Related Expenses

The invoices and receipts should be retained and submitted, like the union and membership fees, protective clothing, subscriptions,  safety boots, tools of the trade, employer uniforms, office equipment, and stationary,  car logbook, self-education expense and office expenses. The office expenses include internet and telephone costs. Produce them all before the ATO.

Are You Owning A Rental Property?

ATO needs all the records of expenses and income involved in your property renting during that very financial year.

If You Have Had A Capital Gain Event In The Year?

ATO needs the details of the significant asset purchase and its sales during the particular financial year which even include its acquisition and disposal dates, purchase costs, and sale proceeds. Get everything clarified by the tax agent.

Additional Relevant Information

There might be relevant matters related to your personal taxation affairs, then you have to bring every information along while getting an appointment. Everything will be discussed with you in front of your tax agent.

ATO needs all your updated persona details, so ensure to provide all your updated contact information, permanent address as well as bank account details.  ATO is always strict about each detail, and to be on the safe side, you should take assistance from the tax agents at the time of appointment.

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About Stuart Iles Partners Innovator   Tax Consulting

8 connections, 1 recommendations, 53 honor points.
Joined APSense since, August 30th, 2018, From North Hobart, Australia.

Created on Aug 6th 2020 04:53. Viewed 545 times.


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