Understanding the Wealth Statement Step by Step

What the statement shows

The wealth statement is a snapshot of what you own and owe at the end of the tax year. It lists assets such as property, vehicles, bank balances, investments and cash, along with liabilities such as loans.

Why the numbers must reconcile

Your net wealth at the end of the year should be explained by your net wealth at the start, plus your income, minus your expenses and tax paid. If the figures do not line up, the system flags a difference that you may be asked to justify.

Gifts, inheritance, foreign remittances and sale of assets are common reasons for large changes, so record them with supporting documents.

Tips for accuracy

Declare every asset, including those held in your spouse's or children's names if the rules require you to include them. Use documented values, keep the cost of purchase for property, and compare this year's statement with last year's before submitting.