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.

5 Things a Tax Agent in Narre Warren South can do for you

Tax agents have the responsibility of reporting all their client's financial services. These duties include auditing all tax reports, recording financial reports, making future budget strategies, and giving pieces of advice on multiple insolvency issues. A tax agent in Narre Warren South is here to help you with his five tasks. 

1. Budget related policies and accounting - A Tax agent in Narre Warren South has the idea about all different budget policies of property, agricultural lands, special rating areas, municipality, UIP(Urban Improvement Precincts), and has the skill of creating them according to the brief of the clients.
2. Preparing financial statements and reports - Financial statements are the records that depict the financial performance and business activities of an organization. Cash flow statement, income statement, and balance statement are the main portions which can be prepared by any tax agent in Narre Warren South. All the balance sheets will be made after overviewing the stockholder's equity, liabilities, assets, and income statements will be developed after keeping an eye on the organization's periodic expenses and revenues.
3. Investigation on insolvency and auditing - As tax agents go through all the financial reports, it will be easier to predict if any kind of insolvency and later they can find the root cause of it. As IRS keeps a close eye on different companies' cash flow statements, the tax agents' main job is to create an appropriate and logical audit reports so that the authority does not find any difficulty dealing with IRS which includes office audits, field audits and mail audits.
4. Tax advisor for an individual and organization -  There are different situations for taxpayers. Opinions for a retirement planner will be different from an entrepreneur or a real estate investor. The tax advisor gives various suggestions to minimize their taxes. Tax agents are professional financial tax advisor who can suggest multiple strategies to reduce taxes while keeping them under tax law and regulations. As those tax agents have the knowledge of the current scenario of tax law and guidelines of the IRS, they can help with state tax as well. 
5.  Financial compliance reporting - The responsibility of a compliance officer is to work with the organization's employees to manage the regulatory risk and to give a confirmation about the situation of the internal control system. Tax agents will go through four steps to ensure the situation. Those steps are identification, prevention, detection, and regulation. Before preventing the financial compliance risk, identification is important, and then monitoring is a vital work to avoid future risks. The final work will be to train the employees of the organization to create a better wall.  

Though you feel overwhelmed and optimistic to have your solution to tax problems finally, there is more to it. The vital step here is to hire a tax agent who is good at what he does. Otherwise, all these ideal points discussed above will just be an imaginary theory for you.

How to look for best Tax agent In Narre Warren South?

While looking for your ideal tax agent, make sure to keep following checkpoints in mind

Highly experienced - S/he must be highly experienced to understand the level of work involved in advance. 

Qualified - Most Tax agents are not qualified for professional projects. Make sure, you hire the right one.

Hire from a firm - When you hire your guy from a popular account firm, it makes it easy for you to trust him than otherwise.

If you want to hire a best-in-class tax agent in Narre Warren South, consider Rands Financial solutions to be your ideal bet. You can never know the pain of going through the painful experience of official paper rejections and piling paper works if you have one of their associates to help and guide you. In the last seven years, they have earned quite a good name for themselves and have big to small corporate under their client umbrella. All you have to do is to walk them through your requirement and they will do the needful.