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Which receipts, details, and statements will you need? Forgetting to include some aspects of your return could you cost you money, and might ultimately land you in trouble with the Australian Tax Office (ATO).
- Individuals starting from $79*
- Sole trader starting from $150*
- Ride sharing tax returns start from $110*
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Tax return checklist
Here we’ve compiled a tax return checklist of some pre-return information you might need to get together:
- Tax File Number (TFN)
- Bank details: BSB, account number, account holder name, bank name
- For medical expenses you will also need your medicare number
- Details of children
- Last year’s Income Tax Assessment
- Payment summaries (PAYG) from any places where you have received an income
- Information on any lump-sum payments you may have received, potentially through termination payments, Centrelink. Personal injury payouts do not need to be reported if they occurred outside and unrelated to your workplace
- Details on foreign earnings
- Any interest received from banks or building societies
- Statements of dividends received or invested
- Statements on earnings from managed funds
- Any other income gained, i.e. from properties or investments
- If you have a spouse you will need details on their earnings and expenses
- Receipts for gifts and donations
- Receipts for work-related expenses including transport (mileage), uniforms, technology necessary for your work
- If self-employed, contributions to superannuation
- Details about your income protection insurance
- Costs for managing tax calculations, i.e. tax agents
- Medical receipts, totalling >$2,120
Yes indeed, tax returns are tedious. But perhaps you have been squirrelling away your receipts all year, and can combine these with the docs mentioned in our tax return checklist above to make it a breezy, stress-easy affair.
The latest in tax-return
The government will bring forward personal tax cuts that will see Australian workers save up to $2,565 in tax this financial year.Read more…
You can lodge your tax return from 1 July 2020, but there are several benefits to waiting a little longer before you submit your return.Read more…
Learn about the extra tax deductions you can claim due to COVID-19 and how to properly declare your JobSeeker, JobKeeper or redundancy payments.Read more…
POP offers quick and easy digital tax returns for low income earners, sole traders and businesses starting from just $19.Read more…
Mark Chapman explains how the Australian Taxation Office learns more about us than what we put on our tax returns.Read more…
Deliveroo has partnered with Solo & Smart, an app that helps contract workers better manage their end-of-year tax obligations.Read more…
DISCLAIMER: Many of the comments in this article are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information applicability to their own particular circumstances.
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