Welcome to our Tax Return Questionnaires and Checklists section, where we provide essential tools to streamline your tax filing process. These resources are designed to facilitate efficient communication and ensure all necessary information is gathered for accurate tax returns. As your dedicated accountants, LMS Advisory is committed to simplifying your tax obligations and maximizing your returns.
Explore our comprehensive resources tailored to meet your needs:
- Individual Tax Questionnaires: Detailed forms to gather personal income and deduction details.
- Business Tax Checklists: Checklists to organize business income, expenses, and deductions.
- Specialist Tax Planning Tools: Resources to assist with tax planning and strategy development.
Our goal is to ensure a smooth and efficient tax filing process for you or your business. By utilizing these tools, you can confidently provide the necessary information for us to prepare and file your tax returns accurately and on time.
For further assistance or to schedule a consultation, please contact us today. We look forward to helping you achieve your financial goals through expert tax guidance and support.
Important Information about the preparation of your return
Our service standard is 4 weeks or less turn around from your submission of documents to successful lodgement.
In-person appointments are not necessary to progress tax return preparation. If you are looking to book an in person advice consultation with one of our accountants, you can schedule once your returns are complete. Appointments outside of office hours and on Saturdays are available by Zoom only. Please speak to your accountant or one of our admin team to schedule, as different accountants have different availabilities/pre-commitments.
Our preferred and most efficient method of receiving your tax paperwork is by scanning and emailing your checklist and associated work papers/receipts to admin@lmsadvisory.com.au . If you book an appointment, we request that you send your documentation at least 48 hours in advance to give us time to finalise. Please remember to include the completed checklist with your work papers when you return it to us.
Please help us by providing as many components of the return checklist as possible when we start working on your returns!
Please note All completed tax returns will be emailed to you for electronic signature using Fusesign. This is completely secure and unique to your email address which only you can access with SMS Security. Each lodger will need their own email address and mobile phone number.
Submit a new Tax Return Checklist and Questionnaire – WebLink
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Maximising Your Tax Refund – A Short Guide
Australians lose hundreds of dollars annually by not keeping track of deductible expenses. Tax refunds can significantly boost your financial situation, enabling you to go on a shopping trip, pay off debt, or save. Missing out on tax returns costs millions of dollars annually, which can be avoided with proper knowledge and preparation.
What Deductions Can You Claim on Your Tax Return in Australia?
To ensure you get the biggest tax refunds this year, take note of these key deductions:
1. Superannuation Expenses
Individuals (up to 75 years old) can claim deductions for payments made to complying superannuation funds, irrespective of their work-related activities. If total superannuation contributions, including employer contributions, exceed the annual concessional contributions cap of AUD 27,500, the excess must be included in taxable income with a 15% tax offset.
Those with a superannuation balance below AUD 500,000 at the end of the previous financial year can roll over unused concessional contributions cap amounts for five years, allowing for higher contributions in later years.
2. Working from Home Expenses
With more workers operating from home or in hybrid settings, understanding deductible home office expenses is crucial.
- Actual Cost Method: Claim actual costs incurred.
- Revised Fixed Rate Method: Keep detailed notes.
Deductible expenses include heating, cooling, lighting, home office supplies, and depreciation of furniture and equipment. You can also claim costs for phone calls, internet, and office furniture. If you have a dedicated home office, you can claim rent for the space used.
3. Phone Expenses
If you use your phone for work, you can claim a deduction for business-related usage. Keep proof of expenses and a log of business versus personal use.
4. Donations and Gifts
You can claim deductions for donations over $2 to deductible gift recipients, such as registered charities. Ensure you have receipts. Bucket collection donations up to $10 can be claimed without a receipt.
5. Magazines, Newspapers, and TV Subscriptions
Claim these if necessary for staying up to date in your field, especially if you work in media or related sectors.
6. Tax Advice Fees
Deduct costs for managing your taxes, including filing fees through a registered agency and tax software. The ATO’s website provides a list of deductible expenses.
7. Clothing Costs
Claim deductions for protective clothing, uniforms, and job-specific attire. Regular work clothes are not deductible. Laundry and dry cleaning costs for these items can also be claimed.
8. Self-Education Expenses
Deduct costs for education directly related to your current job. The course should help improve skills or knowledge needed for your job and likely increase your income.
9. Travel Costs
Deduct work-related travel expenses, including accommodation, meals, and car expenses for work trips. Note that commuting from home to work is not deductible.
10. Sunscreen
If you work in the sun for a living, you can claim an annual amount for sun protection in your return. Copy of a receipt is preferred.
Strategies to Maximise Your Tax Refunds
- Keep Proof for Everything: Maintain records of all work-related expenses, including receipts, bills, and bank statements.
- Claim Work-from-Home Expenses: Utilise ATO’s home office expenses calculator to determine eligible deductions.
- Claim All Possible Deductions: Submit claims for any unreimbursed work-related expenses.
- Offset Investments Running at a Loss: Sell loss-making assets to offset capital gains. Avoid “wash sales” to stay compliant with ATO rules.
- Utilise New Qualifications: Claim education expenses related to your current job.
- Be Honest: Accurately report all income to avoid penalties.
- Make Charitable Donations: Small donations add up. Keep receipts for contributions over $2.
- Book a Consultation (Additional Fees may apply): Request a meeting with one of our tax experts to ensure all eligible deductions are claimed. The additional cost is deductible in the following year.
