2022 ITR Information

IT'S TAX TIME!

Where has the last year gone? ITS TAX TIME AGAIN! For some people, this can be an exciting time of the year where they get some of the hard-earned cash back that was deducted from their pay throughout the financial year. Whilst for others, this is the least exciting time of the year when they get a tax bill to pay. Below we have put together everything you need to know!

Our accountants are ready to go for the 2022 Tax Season to help make the process a whole lot easier for you!

In this Newsletter, you'll find our accountants' available hours for tax appointments, a checklist of what you'll need to bring to your appointment and our fees.

As always, our accountants are here to help, so if you have any questions, please don't hesitate to contact our office to discuss with them. 

APPOINTMENTS

To make it easier for our clients, we offer a range of appointment times throughout the day, as well as evening appointments. We also understand that sometimes it can be difficult to get to the office, so we are also willing to conduct appointments via Zoom (if a video conference is required) or over the phone if that better suits you. 

We are super excited to be offering appointments at our new location, Northgate. We will continue to see our clients where it works best for you.

Please see below for individual accountants’ availabilities.

To make an appointment - Please call our office on 8523 0999 or email us at admin@milaneseco.com.au

Please note: after hour appointments will cease after the 31st August 2021. 

2022 ITR CHECKLIST

INCOME

  • Salary & Wages – we can access this from the ATO Portal but your workplace has to of finalised their payroll

  • Lump sum & termination payment

  • Government centrelink payments including: newstart, youth allowance & pensions etc.

  • Interest earned from bank account(s)

  • Dividend statement(s)

  • Details of any super payments received

  • Income from trusts & partnerships

  • Investment property income (including Air BNB)

  • Details of any Capital Gains Tax (CGT) asset sales (e.g. shares & real estate)

  • Foreign source (employment & pension) income details of any foreign tax credits

  • Child support paid/received

  • Business income

  • Ride sharing income (i.e. Uber)***ATO Hotspot

  • Crypto currency transactions ***ATO Hotspot


DEDUCTIONS

  • Employment related expenses: motor vehicle (and logbook, if applicable), self education, travel, home office, telephone, internet, protective clothing & uniform expenses

  • Working from home hours

  • Donations & subscriptions

  • Tax agent's fees & other accounting/tax audit fees

  • Investment property expenses

  • Income protection insurance statement

  • Details of any superannuation contributions made.

  • Notice of intention to claim a tax deduction if you have completed

  • Business expenses: motor vehicle, insurance, repairs & maintenance, advertising, tools & materials, etc.


REBATES

  • Private health insurance statement

  • HELP debt & financial supplement

  • Any change in dependents


INVESTMENT PROPERTIES

Income Details:

  • Agent Financial Statement

  • Bank Statements detailing rental income (only applicable if self-managed)

Expense Details:

  • Council Rates

  • Land Tax

  • Emergency Services Levy

  • Repairs and Maintenance

  • Water Rates

  • Insurance

  • Bank Interest Paid

If this is the first year you have had the rental, you will also need:

  • Depreciation Schedule (Quality Surveyors Report)

  • Purchase Settlement Statement

  • Borrowing Costs

Please note: this checklist should only be used as a guide, not everything is required for certain clients. If you need help clarifying what you need to bring to your appointment, please contact our office on 8523 0999.

Milanese & Co Accountants