Tax returns are infamously time-consuming and laborious, use our tax return checklist to make your tax return easier.
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).
Choosing a tax agent
**The products compared on this page are chosen from a range of products finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms "Best" and "Top" are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.
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
Typically selling a rental investment property will incur Capital Gains Costs care of the ATO. However, if you live in the property first you may be able to avoid these dents in your profit. Read more…
Find out all about the tax treatment of term deposit interest payments. Read more…
Read our comprehensive guide to comparing and choosing cryptocurrency tax accountants and tax agents in Australia. Read more…
The ATO is urging Australians to make two extra clicks when filing their tax return online this year. Read more…
TaxFin can help individuals, students, businesses and those on work visas to prepare and lodge their tax returns with the ATO online. Read more…
The tax specialists at LINK can help you complete your tax return over email, without stepping foot in the office. 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.