To help you complete your tax return, the following list outlines payments classified as income and expenses across a range of categories. We’ve also provided an overview of the types of tax offsets and deductions you may be entitled to claim plus some handy tax tips and hints.
- Gross salary, wages, earnings, allowances, benefits, tips and directors’ fees as per the PAYG payment summary supplied by your employer.
- Lump sum and termination payments as per the PAYG payment summary supplied by your employer.
- Annuities or other pensions, such as account-based pensions, as per PAYG payment summary or statements provided by your financial institution or super fund.
- Taxable Government allowances or pensions, such as Newstart Allowance, youth allowance and age pension.
- Interest earned as per your bank, mutual bank or credit union statements.
- Dividends received or reinvested, including any franking credits attached as per the dividend statements provided by the company.
- Distributions from partnerships and trusts (including managed funds) as per the distribution statement provided by the partnership or trust.
- Details of any capital gains or losses incurred from the sale of (or other dealings involving) CGT assets, such as shares and property. This includes dates and values of acquisitions and disposals, as per purchase and sale documents.
- Rent received from investment properties as per real estate agent statements or personal records.
- Details of any foreign source income (including overseas pensions) earned or received, foreign assets held and any foreign taxes paid.
- Work related expenses that have not been reimbursed by your employer
- Motor vehicle expense details for work related travel in a personal vehicle, including the work-related kilometres travelled.
- Other work-related travel expenses, such as taxis, public transport and bridge tolls.
- Purchase of compulsory uniforms, protective clothing and laundry costs for work-related purposes.
- Self-education expenses, including fees, books, stationery, travel and parking.
- Union fees and memberships to industry and professional organisations.
- Purchase of sun protection, hats, sunglasses and sunscreen.
- Purchase of tools of trade or equipment for work-related purposes.
- Telephone accounts for work-related calls.
- Overtime meal allowances.
- Attendance fees and travel for work-related seminars, conferences and conventions.
- Books, journals, subscriptions and your professional library expenses.
- Home office set-up expenses such as depreciation on purchase of equipment, eg computer, telephone and furniture. Details of home office running expenses such as heating, cooling, lighting and cleaning.
Investment related expenses
- Telephone accounts for investment-related calls.
- Attendance fees and travel for investment seminars, conferences and conventions.
- Interest paid and fees charged on money borrowed for investments, such as shares.
- Bank fees incurred on investment-related activities and accounts.
- Property rental expenses, including advertising, council and water rates, insurance, interest on loans, real estate management fees, repairs and maintenance, lease preparation, depreciation and capital works (such as buildings and structural improvements) deductions.
Note: From 1 July 2017, travel expenses relating to inspecting, maintaining, or collecting rent for a residential rental property cannot be claimed as a deduction.
- Donations of $2 or more to registered charities.
- Tax preparation fees, including travel to your tax agent.
Tax offsets and deductions
You may be entitled to the following tax offsets (rebates) and deductions for the year ended 30 June 2018.
- Private health insurance offset
- Spouse super contribution offset
- Net medical expenses tax offset
- Child care subsidy
- Senior Australians pensioner tax offset
To check your eligibility for these offsets, visit the Australian Tax Office website here.
Tax rates for 2017/18
Note: Medicare levy of 2 per cent will also apply where applicable.
|Individual tax rates for the year ended 30 June 2018|
|Up to $18,200||Nil|
|$37,001 to $87,000||19% of the portion over $18,200|
|$37,001 to $87,000||$3,572 + 32.5% of the portion over $37,000|
|$87,001 to $180,000||$19,822 + 37% of the portion over $87,000|
|Over $180,000||$54,232 + 45% of the portion over $180,000|