iscoverTax accounting group H&R Block has issued a warning to taxpayers with just nine days before the 2013/2014 tax return lodgement deadline.
H&R Block issues tax lodgement warning
22 October 2014
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4 minute read
Those who fail to lodge their returns by October 31 face potentially heavy fines and penalties.
Regional director of H&R Block, Mr Frank Brass, said H&R Block have extended open hours, nights and Saturdays to help accommodate clients with busy lives and schedules.
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“If you do not have all of your information ready now, make an appointment with us and provided your lodgement history is up to date, you can register to lodge with H&R Block and have your lodgement date extended,” he added.
H&R Block has compiled a quick checklist of the most common items taxpayers need to substantiate income, deductions and rebates/tax offsets and what records are required to back-up their claims.
Income items
- Statements of all income received during the year: payment summaries, Centrelink statements, compensation and income from jury duty, hobbies and casual labour
- Sale of shares or other assets, including property
- Money received from rents, royalties, pensions and tips
- Employee shares income
- Interest earned on savings accounts and other investments
- Dividends received from shares and other investments
- Business income
- Overseas income: as an Australian tax resident you are required to declare your worldwide income
- Investment property income
- Any other income you have earned
Expenses
- Union or professional dues
- Self-education expenses incurred to improve your job skills
- Uniforms, protective clothing and sunscreen
- Tools and equipment you purchased and used for work
- Motor vehicle use for work – you should keep a motor vehicle log book for 90 days to maximise your claim for motor vehicle expenses
- Use of your mobile phone for work – keep the phone accounts and keep a log for 30 days to determine the business use
- Use of internet for work – keep the internet and landline accounts and keep a log for 30 days to determine the business use
- Use of a home office for work – keep a log of the number of hours and you can claim the set rate per hour that the ATO allows
- Tax preparation fees
- Investment expenses
- Donations to registered charities
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