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:
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 and spouse
Last year's Income Tax Assessment
Finder survey: Which Australians think they pay too much tax?
Response
75+ yrs
65-74 yrs
55-64 yrs
45-54 yrs
35-44 yrs
25-34 yrs
18-24 yrs
No
78.57%
59.15%
39.38%
29.24%
20.88%
20.56%
38.46%
Yes
21.43%
40.85%
60.63%
70.76%
79.12%
79.44%
61.54%
Source: Finder survey by Pure Profile of 1004 Australians, December 2023
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 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
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
Details of any capital losses you wish to offset
Super contributions you wish to claim as a deduction
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.
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.
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.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
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