Checklist for Income Tax Return in Narre Warren South

Sometimes, despite our strong concern, we are about to miss tax payment deadlines. This is a common thing that all busy entrepreneurs experience these days. In that last moment, all we need is a checklist to make sure we are not missing out on anything important. Otherwise, the department will return our application citing insufficient documents required for verification. In order to avoid that, we have prepared an ultimate checklist to make those last moments hassle-free. 

Things you need in order before applying for Tax Return in Narre Warren South

Form 16 

One of the most important documents while filing an income tax return is Form 16. The form is a TDS certificate provided to salaried individuals from their employers. It comes bearing all necessary info related to salary breakdown, total TDS deductions made, along with the PAN and TAN numbers. However, if your employer hasn’t provided you with a Form 16 during the joining procedures, you can always ask for the same. 

Similarly, depending upon your profession or income source, you may be required to submit the appropriate form 16 variant. 

Salary Slips 

The salary slip comes with a complete reference to the various provided allowances including house rent allowance, transport allowance, travel, tools, and equipment, etc. This data is then added together and tagged separately as the taxable and non-taxable portion from your tax return in NarreWarren South. Although not every allowance needs to be included in your tax form, giving complete details can help you stay safe from fraud-related charges. 

In case you earn through leasing property, receive government pensions and allowances, or depend upon foreign income, then similar essential documents are needed. They must contain data about every income, dividends, loss, payments, interest, etc. 

Interest Certificates from banks and post office 

If you have several savings bank account, fixed and recurring deposits, or post office savings account, then the interest gained is also taxable. Thus, getting an interest certificate from the bank or post office can come handy as it can give you a helpful idea of the taxable portion of the interest. Similarly, if you have a lesser accumulated interest than the set amount, you can claim deductions. But, it is essential to note that taxation rules undergo complete amendments every couple of years. Thus, staying updated on every changed law is a must. You will also need to mention particular transaction details about your active and inactive bank accounts along with the debit and credit cards. 

Expense Receipts 

While filing a tax return in Narre Warren South, you may also be asked to deposit the original or electric form of your expense receipts. This includes telephone and internet costs, freight and transport costs, employee costs, work uniform, and other clothing expenses, educational or program-related expenses, computers, software, and repairs, amongst others. However, all the payments must have been done by you and directly for the company benefits. 

Moreover, you may be asked to present the electronically scanned files or the original receipts at any time during the audits. Afterward, if your expenditure comes within the set bar, you can expect a good tax return. 

The ones mentioned above are some of the most commonly needed documents while filing an income tax return in Narre Warren South. However, the tax authority might also ask you to submit additional papers based upon the audit process. These include: 

●      PAYG summaries from employers

●      Distributions from trusts, partnerships, and super funds

●      Net income/ Loss from business

●      Lump-sum termination payments

●      Superannuation lump sum payments

●      Superannuation contributions

●      Donations

●      Rent/ lease payments

●      Low value pool deductions/ depreciations

●      Legal and accounting fees

●      Stock valuation figure

●      Income protection insurance

●      Business Activity Statements, etc.

The list may sound like a hell of a plan. But that’s what it is like to file a tax by your own. Else, you can easily hire a reputed firm like Rands Financial Services to get things done. They will handle the entire paperwork and remaining procedures for you at a nominal price.