1998 income

Peter R. Belinfante & Co Pty Ltd ACN 003 386 221

Chartered Accountants.

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1998 INCOME TAX RETURN DATA CHECKLIST

The paperless age of electronic lodgement of Returns may have arrived, but all taxpayers now have an obligation to keep the signed declaration authorising lodgement, along with supporting documents (eg group certificates and receipts) for 5 years, unless assigned to the Tax Agent.

Tax refunds may now be paid electronically to any bank account including a third party, as nominated in a signed written declaration.

We subscribe to daily, weekly, monthly and quarterly professional tax news providers and have an extensive professional library to resolve grey, complicated or contentious issues.

The following is a non-exhaustive (please see disclaimer) list of common pieces of paper and information required for compilation of your Australian Personal Income Tax Return for the year commencing 1 July1997, ending 30 June 1998 :

EMPLOYEES, STUDENTS & RETIREES

INCOME

	Certificate(s) for employment or earnings : Group, Newstart, Sickness, Government or other pension or annuities, HECS debt statement and any special repayment details
	Have you retired or changed jobs ? Eligible Termination Payment and Roll-over Statements; written details of lump sums including Bona Fide Redundancies

Official letters re Deductions and rebates allowable against pensions and annuities, for example undeducted purchase price and (15 % ) pension rebate entitlements.

BUSINESS OR PROFESSIONAL INCOME

	PPS or RPS Statements detailing Income and any Tax withholdings
	Details of business income and expenses including any internet trading - Call for help

INVESTMENT INCOME

	Interest income and any TFN withholding
	Dividend and Imputation credits or summarise
	Rental Income and expense details for each property in which an interest is held : 1 ) Address of property 2 ) Date property first became available for rent 3 ) Number of weeks it was rented 4 ) Expenses within specific categories (call for details)
	Foreign source income - details of earnings and any tax deducted at source
	Did you dispose of any property? Details of Capital Gains and Losses -including dates and dollar values.

WORK RELATED EXPENSES

If your vocation is listed below :

Artists , Airline employees , Cleaners, Defence Force members, Factory workers, Hairdressers, Lawyers, Teachers, Shop Assistants, Police Officers, Truck drivers, Nurses, Real Estate Agent and Hospitality Industry Workers,

you should become familiar with the written ATO Policy on available deductions before submitting your data for Return preparation. We have details in print and CD and can provide clients with relevant information.

There are five main sections for work deductions :

	Motor vehicle expenses
	Other travel expenses
	Uniforms, protective clothing
	Self education
	Other work related expenses

Certain taxpayers have been selected all over Australia for compilation of more detailed Returns than is normally required. For those individuals, commentary must be provided to support each of the above claim sections and each deduction claim must be classified according to Taxation Department labels, if work related expenses for the year were $ 300 or more.

For those taxpayers each claim must be supported by :

	a code to describe the records kept, (eg I = Receipt , R= ATO Ruling)
	plus a brief narrative .(eg. for R quote Tax Ruling No. ..)

The Deputy Commissioner of Taxation may audit some of these Returns once they have reviewed them, or if satisfied with the information the taxpayer may not be selected for further scrutiny.

Individuals not selected for the compilation of detailed work related schedules may choose to prepare them anyway, so that they are available in the event of subsequent audit. This is optional. This Firm has encouraged clients to complete work schedules for major items (eg car expenses) in prior years as record of supporting data.

REBATES

	Medical expenses net of reimbursements greater than $1,250
	Health Insurance rebate for singles with a Taxable Income less than $ 35,000 or families with a Taxable Income less than $ 70,000
	Spouse Rebate if Net income is less than $ 6,090 or Sole Parent Rebate ?
	Spouse superannuation contributions details (max $ 540 rebate if SNI less than $10,800)

HEALTH INSURANCE - REBATE OR SURCHARGE ?

Liability for a 1 % Medicare Levy surcharge ?

Surcharge Where no Health Insurance Cover

If not fully covered for Private Patient Hospital Insurance and your Family combined taxable income (TI) was greater than $100,000 (+$1500 for each dependant child after the first) or you were single with a TI greater than $ 50,000, then a Medicare Levy surcharge will be imposed.

Private Patient Hospital cover is defined as an insurance policy that covers some or all hospital treatment provided in an Australian hospital or day hospital facility.

Are You entitled to a Private Health Insurance Rebate ?

If your Family combined taxable income (TI) was less than $ 70,000 (+$ 3000 for each dependant child after the first) or you were single and your (TI) was less than $ 35,000, you may be entitled to a rebate if you had private health insurance.

Did you receive a Health Fund rebate statement ?

If yes, please provide details of your eligibility for a rebate, and whether you have already had the benefit by way of reduced premiums.

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Send mail to [email protected] with questions or comments about this web site. Last modified: January 02, 1999

Send mail to [email protected] with questions or comments about this web site.
Last modified: January 02, 1999