Tax Returns

Tax Returns Made Simple

No one enjoys doing their taxes, which is why so many people leave them until the last second. Determining which forms to use, if you need to fill out any special schedules or forms, making sure that it’s all done on time can be a daunting process. That’s why it makes sense if you’re looking for a tax agent, you should contact us.

Our tax agents focus on preparing and lodging tax returns as well as educating and explaining the whole process, and answering your questions. Your tax agent at Swan can help you determine what income and deductions to declare and the size of any return you can expect. All our tax agents are registered with the Tax Practitioners Board Australia so you can expect high quality service.

Records You'll Need to Complete Your Tax Return

Before you sit down to do your tax, you’ll need to gather all the right information. Here are some of the documents you may need to complete your tax return, however, most of the information needed should already be reported to the ATO and accessible from our portal.

Payment summaries – Outlines the income you have received from your employer, super fund or government payment like Centrelink and the Department of Veterans Affairs.
Bank statements – Details any interest you have earned during the period and fees you have paid.
Shares, unit trusts or managed funds statements – Information on dividends or distributions you’ve received. Dividends that you’ve elected to reinvest must be declared as income.
Buy and sell investment statements – Needed to calculate capital gains and losses. If you bought or sold any shares you can access the details on your online broking account or you can get them from your investment adviser or stockbroker.
Records from your rental property – If you use a property manager you will probably get an annual tax statement that details income and expenses, otherwise you will need to gather details of income received and expenses paid, including any capital gains or capital losses from the sale of property.
Foreign income – Details of foreign pensions or other foreign income.
Private health insurance policy statement – Information needed to complete the private health insurance section of your tax return.

Income You Must Declare

Here’s a list of common types of income that must be declared on your tax return.

Employment income
Super pensions, annuities and government payments
Investment income (including interest, dividends, rent and capital gains)
Business, partnership and trust income
Foreign income
Income from crowdfunding (for example donations received for a venture in which you intend to make a profit)
Income from the sharing economy (for example Uber or Air BnB)
Other income – including compensation and insurance payments, discounted shares under employee share schemes, some prizes and awards

Visit the ATO’s website for more information on income you must declare.

Tax Deductions You Can Claim

To claim a deduction for work-related expenses:

You must have spent the money yourself and not been reimbursed.
It must be directly related to earning your income.
You must have a record to prove you paid for it.

When your expenses meet these criteria, here’s a list of the things you may be able to claim.

Vehicle and travel expenses – This does not normally include the cost of travel between work and home, but if you use your car for work, or work in different locations then you may be able to claim a deduction.
Clothing, laundry and dry-cleaning expenses – To legitimately claim the cost of a uniform, it needs be unique and distinctive, for example it contains your employer’s logo, or is specific to your occupation, like chef’s pants or coloured safety vests.
Gifts and donations – to organisations that are endorsed by the ATO as deductible gift recipients.
Home office expenses – Costs could include your computer, phone or other electronic device and running costs such as an internet service. You can only claim the proportion of expenses that relate to work, not private use.
Interest, dividend and other investment income deductions – Examples include interest, account fees, investing magazines and subscriptions, internet access, depreciation on your computer.
Self-education expenses – Providing the study relates to your current job, you can claim expenses like course fees, student union fees, textbooks, stationery, internet, home office expenses, professional journals and some travel.
Tools, equipment and other equipment – If you buy tools or equipment to help earn your income, you can claim a deduction for some or all of the cost. Examples include protective gear, including sunscreen, sunglasses and hats if you work outside, office equipment, safety equipment and technical instruments.
Other deductions – other items you can claim include union fees, the cost of managing tax affairs, income protection insurance (not if it’s through super), overtime meals, personal super contributions and other expenses incurred in the course of earning an income.

Visit the ATO’s website for more information on deductions you can claim.

Have Any Questions?

Get in touch with us with your enquiries. We’re happy to assist you.

Tax Returns

Tax Returns Made Simple

Records You'll Need to Complete Your Tax Return

Income You Must Declare

Tax Deductions You Can Claim

Have Any Questions?

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