The ATO has scrapped the previous 80 cents per hour shortcut method of claiming home office expenses and reduced this to 67 cents per hour.Read more…
Tax return checklist: All the documents you need
As well as the basics like your Tax File Number and income details, here's a list of documents you need to have ready when lodging your tax return.
Use our checklist and make sure you aren't forgetting anything that could you cost you money or land you in trouble with the Australian Tax Office (ATO). Here's a snapshot of what the checklist will include:
1. The basics: This includes your Tax File Number (TFN) and income statement among other things
2. Your earnings: This includes your annual payment summaries, lump sum payments received, investment income and other earnings
3. Deductions. Details of work-related expenses you wish to claim, receipts and and capital losses
Now let's go into more detail on each of these points.
Tax return checklist: Documents you'll need
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 and spouse
- 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 or Centrelink.
- 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 rental properties
- Statements of capital losses or gains made by selling 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
- Details of any capital losses you wish to offset
- Super contributions you wish to claim as a deduction
The latest in tax-return
Millions of Australians have admitted to being less than truthful on their tax return, according to new research by Finder.Read more…
Millions of Australians are counting down to lodge their tax returns as they desperately need the cash, according to new research by Finder, Australia’s most visited comparison site.Read more…
We spoke to a tax expert to let you know how the ATO is monitoring WFH deductions.Read more…
We spoke to a top tax expert to get the best tips for your return.Read more…
If you've still been working from home at all in the past year you can claim money back in your tax return.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.
What's trending right now with tax?
More guides on Finder
Best Cyber Monday deals you can still get today: Up to 70% off
Black Friday is now over, but you can still pick up stacks of Cyber Monday deals that are every bit as good.
How a pink trading platform dominated New Zealand
Sharesies boasts 500,000 Kiwi customers - or one-tenth of the New Zealand population.
Woolworths vs Coles: Which paid membership is better? [VIDEO]
Is it worth spending more with Everyday Extra or Coles Plus?
Savings with Sarah #10
Aussies are predicted to spend $30 billion this festive season. Here's 7 key tips on how you can save on gift-buying.
Cyber Monday laptop deals 2023
Access deals and discounts of up to 65% off laptops from Dell, Microsoft, HP and more in the 2023 Cyber Monday sale event.
Standing desk sale: 35% off at Omnidesk for Cyber Monday
Upgrade your home office this Cyber Monday with 35% off ergonomic standing desks from Omnidesk.
Cyber Monday iPhone deals 2023
If you're looking for iPhone deals in this year's Cyber Monday sales, check out our roundup of the very best discounts around.
Virgin flights to Uluru: How many points do you need?
Can you get a red-hot deal for the red centre?
How to avoid a Christmas debt hangover
11% of us are putting our holiday shopping on plastic.
Black Friday Weekend: Today’s 25 best deals
From cutting-edge gadgets to deluxe mattresses, these are the best Black Friday deals you can get over the weekend.
Ask an Expert