What you need for your 2022 Tax Return

Filing a tax return for the July 2021-June 2022 financial year requires careful attention, because keeping accurate records of your earnings and expenses can help you save a significant amount of money and maximise your tax return.

What is a Tax Return?

A tax return declaration form is a form that must be filled out and submitted to tax authorities in almost every country across the world to declare your tax liabilities. All of your receipts and deductions are listed to calculate taxes, similar to a worksheet. To calculate your total taxable income, all you need to do is calculate your income with the help of a trusted accountant, they will then be able to determine your net income, as expenses must be subtracted from the revenues.

A tax return covers any income and expenses through the financial year, starting on July 1 and ending 30 June the following year. At the end of the financial year, you have a limited window to lodge your individual tax return. Generally speaking, if you’re lodging your tax return, the deadline is the 31st October.

If you’re an Australian resident and you earn a salary or an income, you’ll need to lodge a tax return even if your employer withholds taxes from your pay.

What information do I need to lodge a tax return?

The Australian Tax Office (ATO) requires adequate documentation when the accountant files your tax return, as failing to do so will cost you money and occasionally even put you in conflict with the tax authorities. You can benefit from the below checklist below before you lodge your tax return with Melican Partners.

1. The Basics: Your Tax File Number (TFN) and income earnings statement are part of this. Both are crucial for filing tax returns.

2. Your Income: Your earnings comprise everything you were paid throughout the year, such as annual payment summaries, lump-sum payments, ABN invoice totals, investment income, and miscellaneous revenue.

3. Deductions: Deductions are as important as the expenses you wish to claim. You can claim your relevant expenses and capital losses are included in this section.

Let’s now get into further detail about the three points previously discussed:

Tax Return Basics:

It contains the following details:
  • Bank information including your name, account number, and bank name;
  •   If there are medical charges, your Medicare number must be present;
  • Tax File Number of the person wishing to file tax returns;
  • Before filing your taxes, you must have your spouse’s and children’s information with you.
  • An assessment of prior-year income taxes

Total Earnings:

Taxable income is the total amount of income, often referred to as an adjusted gross income minus deductions or exemptions. It consists of the following things:

  • Information on lump-sum payments that you have received through termination payments, Centrelink, or other ways.
  • Payment Summaries (PAYG, or Pay As You Go) from locations where you have earned and received an income.
  • Income from other countries shall be reported with solid documentation
  • Interest from banks or building societies
  • Separate statements with information on dividends, managed funds, or rental property Income
  • Capital gains and loss statements
  • Earnings and expenses of the spouse

Total Deductions:

A tax deduction is a something you paid for, out of your own pocket, that can be listed on your tax return. It can include the following:

  • Documentary proof of work-related expenses, such as travel costs, uniform costs, and technology required for your job;
  • If a person is self-employed, he or she should submit evidence of contributions to superannuation;
  • Documentary information concerning the person’s income protection insurance.
  • Documentation of medical expenses;
  • Proof of tax management costs, such as tax agents; •
  • Detailed information on capital losses you wish to offset;
  • The contribution you want to claim as a deduction.

Book Your 2022 Tax Return Now:

Did you know the cost of managing your taxes is deductible? This means if you you can claim our fee on your tax return the following year. You can call the team at Melican Partners to book an appointment to complete your 2022 income tax return now!