Tax Return Checklist

Tax Return Checklist final

Tax returns are infamously time-consuming and laborious, but half of that struggle is the preparation.

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).

Here we’ve compiled a list of some pre-return information you might need to get together:

Basics

  • 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

Choosing a tax agent

Rates last updated December 17th, 2017
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Speak to an accountant today about your tax return checklist

Earnings

  • 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

Deductions

  • 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 above to make it a breezy, stress-easy affair.


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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