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Page 1of 142014 INDIVIDUAL TAX RETURN CHECKLISTIncome Tax Return ReferenceSection of the Income Tax ReturnYesNoN/AIncome1Salary or wageObtain and attach PAYG payment summariesand if applicable paid parental leave payments.2Allowances, earnings, tips, director’s fees etc.Receipt of an allowance does not automatically entitle an employee to a deduction for expenditure to which the allowance relates (e.g. tool allowance).3Employer lump sum paymentsThese payments are in respect of unused annual and long service leave paid out on termination of employment. Label A and B of the client’s PAYG payment summary should contain the relevant information. Also, obtain and attach a copy of a statement of termination from the client’s employer.4.Employment termination payments (ETPs)Obtain and attach any ETP payment summaries and employer termination statements.5Australian Government allowances and payments like Newstart, youth allowance and Austudy paymentProvide details of all youth allowances, Newstart, sickness allowance or special benefit, or other educational or training allowances.(Note : client not sent a paper copy anymore)6Australian Government pensions and other allowances(Note : client not sent a paper copy anymore)7Australian annuities and superannuation income streamsObtain details of taxable and rebatable components of pension.8Australian superannuation lump sum paymentsSuperannuation lump sums paid from a taxed source to a person aged 60 or over are tax free. Lump sums paid to persons under 60 are still taxable.Obtain details of recipient’s age and amount of the lump sum payment
Page 2of 14Income Tax Return ReferenceSection of the Income Tax ReturnYesNoN/A9Attributed personal services incomeObtain all payment summaries –personal services attributed income and details of any other personal services attributed to the taxpayer.Note: consider application of thepersonal services income (PSI) attribution rules in relation to any incomederived by an interposed entity that is personal services income (PSI) of the individual. (PSI is included in the individual’s personal income tax return. PSI is income that is mainly a reward for an individual’s personal efforts or skills).10Gross interestInterest that is received or credited in a year is taxable. Care should be taken to gross interest up where TFN withholding tax has been deducted.11DividendsUnfranked, partly franked and fully franked dividends are assessable for taxation purposes.Tax tip:where a reinvestment program has been entered into, thevalue of that dividend reinvestment is taxable. Carefully consider the taxation implications of bonus share issues to individuals.Also check for withholding tax deducted12Employee share schemes (ESS)The discount given on the ‘ESS interest’ (being a share or a right to acquire a share) under the ESS is assessable for taxation purposes unless the deferral concession applies to you. This assessable discount may be reduced by $1,000 where certain conditions apply.Where certain conditions are met in relation to the terms of the ESS you may defer including the assessable discount in your assessable income until a later income year.Note: for interests acquired pre 1 July 2009 the discount is included in the 2014income tax return if the ‘cessation time’ occurred duringthe 2014income year.Supplement Income or Loss13Partnerships and trustsDetails of the partnership, trust or a managedinvestment trust fund payment and type of income received are required. Carefully identify tax credits that may be utilised.Note: trustees of closely held trusts are required to withhold amounts from distributionsto individual beneficiaries who have notprovided their TFN. Beneficiaries who have hadamounts withheld from their trust distributions can claim a credit under this label.