Personal Services Income is where you received any income, excluding income earned as an employee, which was mainly a reward for your personal efforts or skills? This may be under an ABN or contract.

If it is under an ABN you will need to complete the business questions, but the PSI rules may apply.

You can read more about PSI here on the ATO's website.

Have you been employed during the year and not received a PAYG Payment Summary, please provide details of of each employer’s:

• name,
• address,
• telephone number(s),
• address where work completed (if different to address of the employer),
• period(s) of employment,
• gross earnings,
• allowances,
• PAYG withheld,
• reportable fringe benefits, and
• reportable employer superannuation contributions.

Please review prefill report. If there is any missing interest, please complete the below details. If you have a summary report from your bank, or term deposit statements please upload. 

If you received or are you entitled to receive a distribution of income or loss from a partnership or trust, please review prefill report and confirm whether details are listed.

Please provide a trust / partnership distribution summary if not listed (or correct) on prefill. 

If you received or are you entitled to receive a distribution of income or loss from a partnership or trust, please review prefill report and confirm whether details are listed.

Please provide the managed fund, trust or partnership distribution summary & tax statement if not listed (or correct) on prefill. 

If you have carried on a business during the year, please provide details of income and expenditure relating to your business activity.

if you are using an accounting package (e.g. Xero) please ensure it is reconciled to 30 June and you have invited operations@primepartners.com.au with full advisor, payroll and manage user access.

If you do not use an accounting package, you can download our template spreadsheet here.

The description of assets is very broad.

You can download our CGT property sale template here.

Note: Motor vehicles are exempt from CGT, but may be subject to a balancing adjustment, so the information below will still be required.

Note: Capital gains tax records must be kept for a period of 5 years from the date of disposal of the asset, or longer if the disposal gave rise to a capital loss.

If shares / investments: please upload buy / sell contracts. 

You may find our share investment template useful.

Note: The following expenses are generally deductible:

• advertising for tenants,
• agent’s commission and letting fees, rates,
• repairs and maintenance,
• insurance,
• body corporate fees,
• borrowing expenses,
• land tax, cleaning,
• gardening and lawn mowing,
• pest control,
• water charges.

Travel expenses relating to inspecting, maintaining, or collecting rent for a residential property and expenses relating to vacant land generally cannot be claimed as deductions.

Depreciation of previously used plant and equipment in rental premises used for residential accommodation are no longer allowed.

Investors who purchase new plant and equipment will continue to be able to claim a deduction over the effective life of the asset. Exceptions to the above apply if the rental income is incurred in carrying on a business or the taxpayer is an excluded entity

Depreciation report - if your property was built after 1987, you may have depreciation to claim. If you do not have a depreciation report let us know. 

Template - if you would like to download our rental expenses template, please click here.

Note: For travel more than 5,000 business kilometres, you are required to keep a logbook. For travel up to 5,000 business kilometres, a cents per kilometre claim at the rate of 84 cents per kilometre (78 cents 2022-23) can be claimed.

A valid logbook:

- Must be jeep for 12 continous weeks.
- Logbook is valid for five years.
- You must record your odometer reading at the end of each income year

You can download our logbook template here.

Please contact our office if you would like to know more about making a claim for motor vehicle expenses.

Note: Business kilometres are kilometres travelled in relation to earning income but exclude travel between home and work even if the trip is made more than once a day.

Picking up the mail on the way to work or home cannot be included.

The exception to this home to work rule is if your vehicle is required to carry bulky tools or equipment or your home is your base of employment.

Please contact us to discuss if you have any queries regarding this claim.

Note: The following details are required to be kept in travel diary:

• nature of the activity,
• the date and approximate time when the activity began and how long it lasted, and
• where the activity took place.

If a detailed itinerary was provided this provides an adequate travel diary.

Read more about travel diaries here.

Note: The reasonable basis to determine laundry expenses is $1 per load of washing including drying and ironing. If your total laundry expense claim exceeds $150 and the claim for your other work expenses exceeds $300 then you will need to provide written evidence (receipts) of your claim.

If you answered yes to the above, the expenses that may be claimed include textbooks, stationery, student union fees, travel and depreciation (e.g. computer, home office furniture etc.). Also provide details of travel expenses from university to home.

Note: Payment of HELP, SFSS, Open Learning fees or AUSTUDY loan repayments are not tax deductions.

The removal of the first $250 of a prescribed course of education expense came into effect from the 2022-23 financial year.

Sun Protection
You may be able to claim the costs of sunscreen lotions, hats and sunglasses. Please provide details of expenses incurred.

Remember that you need to consider any private use of the sun protection items when calculating your claim.

Where there is private use, you will need to estimate what you spent for work purposes and apportion your claim accordingly.

Note that minimal tasks such as occasionally checking email or taking calls while at home will not qualify as working from home, the work must be substantial.

% of expenses: A diary of usage should be kept for a minimum of 4 weeks each year for substantiation requirements.

Fixed rate: You are required to keep a record of the hours you have worked at home. This could be in the form of timesheets, rosters, a diary or similar document that sets out the hours worked.

ATO's home office calculator may assist.

For the 2022–23 income year

• From 1 July 2022 to 28 February 2023, the ATO will accept a record which represents the total number of hours worked from home (for example a 4 week diary).
• From 1 March 2023, a record of all the hours you worked from home is required.

Organisations that are entitled to receive tax deductible gifts are called 'deductible gift recipients' (DGRs). You can only claim a tax deduction for gifts or donations to organisations that have DGR status.

You can check the DGR status of an organisation at ABN Look-up: Deductible gift recipients.

Please complete donation summary, or upload spreadsheet summary / receipts.

Eligibility for the seniors and pensioners tax offset

To be eligible for the seniors and pensioners tax offset (SAPTO), you must meet certain conditions relating to:

• your eligibility for an Australian Government pension or allowance
• your and your spouse's income

The SAPTO can reduce the amount of income tax you pay.

Use the Beneficiary tax offset and seniors and pensioners tax offset calculator to help you work out your eligibility for this offset and calculate the offset amount.